Chapter 7 vs. Chapter 13 Bankruptcy
Facing financial difficulties can be overwhelming and frustrating, and sometimes deciding to file for bankruptcy can add to this frustration because many people are confused by the complexity of the different bankruptcy options. This confusion is understandable as there are many similarities between certain bankruptcy chapters, such as Chapter 7 and Chapter 13. For instance, both Chapter 7 and Chapter 13 bankruptcy can be filed by individuals as well as businesses. However, pursuing debt relief through bankruptcy doesn’t have to be confusing or frustrating when you have the support of a qualified attorney who can help you understand the important distinctions between these two chapters of bankruptcy.
If you or someone you know is considering filing for bankruptcy and would like to know more about your different options, contact a qualified Raleigh bankruptcy lawyer from the Bradford Law Offices, PLLC, today at (919) 758-8879 to discuss your options and gain a more in-depth understanding.
Chapter 7 and Chapter 13 bankruptcy have important differences, and understanding these differences is essential for anyone considering filing for bankruptcy. The key differences include:
- Chapter 7 bankruptcy involves asset liquidation, while Chapter 13 generally does not
- Chapter 7 requires the “means” test to ensure applicant’s need
- Chapter 13 entails the creation of repayment plans while eliminating debt
With these distinctions in mind, applicants may have a better idea of which form of bankruptcy may best suit their situation. To determine which bankruptcy option you should pursue, consult with an experienced attorney today.
If you or someone that you care about is facing financial troubles and is considering filing for bankruptcy, contact an experienced Raleigh bankruptcy attorney from the Bradford Law Offices, PLLC, today at (919) 758-8879. Our attorneys are prepared to explain the varying types of bankruptcy and how they can help you with your financial situation.