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Difference Between Chapter 7 and Chapter 13 Bankruptcy
As a trusted bankruptcy law firm, Dorothy Butler Law Firm has guided clients through the complexities of bankruptcy. A common question we get is, “What is the difference between Chapter 7 and Chapter 13 bankruptcy?” Understanding this difference is crucial for making informed decisions about your financial future.
We’re here to help clarify these options and provide you with compassionate and aggressive legal guidance to get you the best possible outcome. Contact us today at 512-699-5632 and schedule a free consultation with our bankruptcy attorneys.
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What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, otherwise known as “liquidation bankruptcy,” is designed to eliminate most of your unsecured debts. This could include credit card debt, medical bills, and more. It’s a process that can provide a clean slate for individuals overwhelmed by financial burdens. However, it’s important to note that not all debts can be discharged, and eligibility is determined by a means test.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, on the other hand, is known as “wage earner’s bankruptcy.” It’s aimed at individuals with a regular income who can pay back portions of their debts through a repayment plan. Through this type of bankruptcy, you can keep your property and catch up on missed mortgage or car loan payments, making it a viable option for those seeking to reorganize their finances without losing assets.
Want to learn more about Chapter 7 bankruptcy and whether it’s right for you? Read our comprehensive guide, and, now that you know the difference between Chapter 7 and Chapter 13 bankruptcy, contact our bankruptcy attorneys to start your path to financial stability.
Why Choose Dorothy Butler Law Firm?
Aside from helping with the difference between Chapter 7 and Chapter 13 bankruptcy, we deliver expert legal solutions with empathy and a passion for securing the best possible outcome for your solution. We understand the nuances of bankruptcy law and can help you determine the best path forward. Our team is ready to provide you with the personalized attention and expert advice you need.
Contact Dorothy Butler Law Firm for Expert Legal Advice
If you’re feeling overwhelmed by debt and uncertain about your financial future, let Dorothy Butler Law Firm be your guide. We can help you navigate the complexities and differences of Chapter 7 and Chapter 13 bankruptcy with the personalized attention and expert services you need.
Contact us today at 512-699-5632 for a free consultation.
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