Chapter 7
$0 Dollars Down on your Chapter 7 Bankruptcy
(subject to qualification)
A Chapter 7 bankruptcy, sometimes called a “liquidation” bankruptcy, allows people to walk away from many debts and keep the property they want. Our lawyers can help determine if this course of action is best for you.
Chapter 13
Start your Chapter 13 Bankruptcy for as little as $78
(subject to qualification)
A Chapter 13 bankruptcy is a reorganization bankruptcy, which allows those with a regular income to regroup and repay debts. Your situation is unique; it’s important for you to talk to an attorney about what course of action is best for you.
Understanding a Chapter 7 and Chapter 13 Bankruptcy
We do not expect you to understand or tackle the bankruptcy process alone; however, we understand our potential clients want – and deserve – information about their financial options. The chart below highlights the similarities and differences between a Chapter 7 and a Chapter 13 bankruptcy. Call us today or visit our online scheduler to set up a free consultation so that our experienced team can help determine which form of bankruptcy is right for you.
| CHAPTER 7 | CHAPTER 13 |
|---|---|
| We use a formula to determine your eligibility to file a Chapter 7 bankruptcy. This formula is based on your income, property, assets and debt you owe. | To file a Chapter 13 bankruptcy, you must have some form of income. Often, debts can be restructured into payments you can afford. |
| CHAPTER 7 | CHAPTER 13 |
|---|---|
|
|
| CHAPTER 7 | CHAPTER 13 |
|---|---|
|
|
| CHAPTER 7 | CHAPTER 13 |
|---|---|
| No, but it can delay it. However, the house or property will eventually be sold. | Yes, but you must continue to make your mortgage payments after you file. |
| CHAPTER 7 | CHAPTER 13 |
|---|---|
| After filing, the process will take three to four months. | After filing, the repayment plan will take three to five years. |
| CHAPTER 7 | CHAPTER 13 |
|---|---|
| The bankruptcy will remain on your credit report for up to 10 years. However, often you can get a credit card or automobile loan after your discharge. A house loan usually takes two years after discharge. | The bankruptcy will remain on your credit report for seven years from the filing date. It is possible to borrow money, but you must get permission from the court. |
| CHAPTER 7 | CHAPTER 13 |
|---|---|
| Although a debt has been discharged, there may be a circumstance in which you want to keep that debt and continue to pay. (Example: a car loan) In order to do so, you must promise to pay the debt and file a reaffirmation agreement with the court. | N/A |
Contact us to discuss your options
