Bankruptcy: Chapter 7 versus Chapter 13

Most people who come to file a bankruptcy have tried the same steps to eliminate their debt, tightened their budget, tried to generate more income, attempted to refinance, and cashed out their retirement savings.  Once they have exhausted those options to no avail, they need to seek out the advice of an attorney who is able to adequately counsel them on the options of filing for bankruptcy.  Most people will either file a Chapter 7 or a Chapter 13.  A Chapter 7 filing allows for the discharge or elimination of most debts.  A Chapter 13 filing is a debt repayment plan that is submitted to the court for approval.  In a Chapter 13 the debtors and the creditors agree on terms to repay the debt.  In most cases only a portion of the debt will need to be repaid.

Both types of filings have qualifications and restrictions.  An attorney, who actively practices in this area will be able to help you decide which bankruptcy will be in your best interest.

Call my office to set up your consultation today.   Todd Courser 810-245-0813