PROS AND CONS OF CHAPTER 7 BANKRUPTCY
Chapter 7 of the Bankruptcy Code is most beneficial for individuals who’s income is less than the median income for debtors in their state. Some Chapter 7 debtors file bankruptcy due to loss of a job, catastrophic personal injury, severe illness, and other such matters. If a person’s disposable income is less than adequate to repay their debts even in part, they could be eligible to file a Chapter 7 bankruptcy. By filing under Chapter Seven, a person’s non-exempt assets are liquidated to repay the person’s debt, after which the remainder is discharged. In most cases a Chapter 7 debtor is allowed to keep all of their assets subject to court approval. A Chapter 7 bankruptcy can provide the fresh start that you deserve.
PROS AND CONS OF CHAPTER 13 BANKRUPTCY
Chapter 13 of the Bankruptcy Code in some cases may be considered the better option for individuals and couples if they qualify. In order to be eligible for this type of bankruptcy, an individual must have a regular income that allows them to make a plan payment that will be disbursed to their creditors by the U.S. Bankruptcy Trustee. In most cases a Chapter 13 debtor pays a fraction of the unsecured debt that they owe.
By filing under Chapter 13, the consumer is able to establish a repayment plan over the course of 3-5 years, after which the remaining balance is discharged. The benefit of Chapter thirteen is that you may be able to keep your house and your car even if a foreclosure or repossession has been commenced. To help decide which chapter is better for your current situation, you should speak to a Terre Haute bankruptcy attorney.
FIND A BANKRUPTCY LAWYER IN TERRE HAUTE, INDIANA
Searching for a bankruptcy lawyer in Terre Haute? Rowdy Williams Law Firm has assisted countless clients find relief from crushing debt by filing for bankruptcy. The process is not easy without a knowledgeable and experienced Terre Haute bankruptcy attorney, so call our offices at your earliest convenience. We offer a free initial consultation for each of our clients. Call us to learn more from a Terre Haute bankruptcy attorney.