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Chapter 7 vs. Chapter 13

Which one is right for you?

Every family's financial situation varies and there will never be a "cookie cutter" solution to debt. Chapter 7 and Chapter 13 bankruptcy each offer different benefits to the applicant and determining which is right for you is all dependent on your short and long-term goals and which would best suit your current situation. Now is the time to make informed decisions that will not only give you immediate relief, but also benefit you for years to come. Either way, these two types of bankruptcy are both viable options that can help get you back on your feet and give you the fresh start you so desperately need and deserve.

The Benefits of Chapter 7

The main plus side for filing Chapter 7 bankruptcy is that it can eliminate most, if not all, of your unsecured debt. This means any debt that is not secure or attached to a property may be forgiven and discharged. Some examples of unsecured debt are: credit card debt, student loans, personal loans, medical bills, and utility bills are all eligible under Chapter 7. With all of those bills and payments eliminated out of the equation, you may be able to keep up with your bills and get your finances back in order.

When you make timely payments, you can start to rebuild your credit score and prove to creditors that you are in fact a responsible debtor. Another benefit of Chapter 7 is that it provides quick relief for those in a serious financial crisis. The filing process can take up to three or four from the date you file, whereas Chapter 13 is comprised of a repayment plan that could last anywhere from three to five years. The right type of bankruptcy will have to do with your specific needs and the gravity of your financial situation.

In order to qualify for Chapter 7 you must pass what is called the "means test," which calculates and measures your income to see if you are below the standard median. If you are indeed below, that just means that your income is not a sufficient amount to pay off your debt.

The Benefits of Chapter 13

This specific type of bankruptcy is more geared to property-related debt. This is a great solution for those at risk of foreclosure or car-repossession. With Chapter 13, your bankruptcy attorney can negotiate with the creditors and come up with new repayment plan so you don't have to come up with the money right away. The plans last anywhere from 36 to 60 months which gives you time to get caught up and pay your delinquent debt in a more realistic amount of time.

With your payments more spread out, you can afford to pay off your bills in a timely manner and rebuild your credit. Chapter 13 eliminates some of your debt while helping you hold onto your home or your car. With Chapter 7, not all of your assets may be protected during the process. Talk to your attorney today to find out what is exempt and what is eligible for seizure, so you can hold onto your hard-earned assets.

In order to qualify for Chapter 13, the debtor must meet certain qualifications. Their unsecured debts should be less than $360,475 and their secured debts should be below $1,081,400. If you have questions or concerns regarding your specific financial situation, it is in your best interest to contact the team of attorneys at Price Law Group and learn which debt-resolution would benefit you the most. You can tell them your story by filling out their free online case evaluation or by calling them today!

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