Bankruptcy – Chapter 7 & Chapter 13

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Bankruptcy – Chapter 7& Chapter 13

Are you stressed about debts or being harassed by debt collectors? Bankruptcy may provide you the relief you need.

Call us to find out how we can help.

Our office provides free initial consultations to help consumers facing debt problems. We enjoy helping our clients navigate debt issues with our vast knowledge of bankruptcy and consumer right laws. We will determine if bankruptcy is your best option or whether there are other options available that do not require bankruptcy. Either way, we want to make sure that you have the information you need to make the best decision for you and your family.

Bankruptcy is a legal process that allows individuals and businesses who are unable repay their debts to seek relief from creditors. The two most common bankruptcies are Chapter 7 and Chapter 13.

What is the difference between Chapter 7 and Chapter 13?

Chapter 7

Chapter 13

Chapter 7 is commonly referred to as a “liquidation” bankruptcy.

Chapter 13 is commonly referred to as “reorganization” bankruptcy.

It allows the debtor to keep assets exempt under Florida law and to surrender certain assets to obtain a discharge (“forgiveness”) of unsecured debts.

It allows debtors with regular income to reorganize their finances to pay debts at amounts they can afford to pay under a 3-to-5-year plan. At the end of the plan, your remaining unsecured debts will be discharged(“forgiven”).

If you are in behind on payments on your house or car, you may not be able to keep them. If you are current on your payments, you will likely be able to keep your house or car.

If you are behind on payments on your house or car, you may be able to keep them by pay the past due amounts under the Chapter 13 plan.

A Chapter 7 may last 6 months.

A Chapter 13 may last 3 to 5 years

You may not have to pay any money to creditors.

You will have to pay money to creditors. The amount paid to creditors is based upon your income.

Chapter 7 bankruptcy may report on your credit report for 7-10 years.

Chapter 13 bankruptcy may report on your credit report for up to 7 years.

With our extensive experience, we will help you develop the best plan to create a fresh start.