Should I File a Chapter 7 or a Chapter 13 Bankruptcy?

Should I File a Chapter 7 or a Chapter 13 Bankruptcy?  Determine which is best for you based on your types of debt. 

Chapter 7

If you're buried in debt, your best option may be to file for Chapter 7 bankruptcy. This type of bankruptcy is designed for individuals who do not have the ability to repay their creditors. The vast majority of our clients are able to protect all of their assets so that they do not lose anything. However, in order to allow you to keep your belongings, the necessary documents must be correctly prepared and filed. Don't lose your assets. Before you attempt to file, consult with an experienced attorney.


Chapter 13

If you fall behind on your mortgage payments but now have the ability to make your regular monthly payments, cover your living expenses and make a payment to catch up on what you are behind, a Chapter 13 bankruptcy can help you to keep your home. If you have missed payments on your car and the repo man is on his way or just took your car, a Chapter 13 bankruptcy can help you get it back. If you have tax debt or debts that can not be discharged in a Chapter 7 bankruptcy, there's a good chance that Chapter 13 bankruptcy could be a good option for you. Chapter 13 offers a repayment plan over three to five years that helps you pay the debts that have to be paid in a way that you can afford and help you to become debt-free. Give our office a call if you need to speak to someone at 757-276-6555!

Edrie Pfeiffer
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Edrie Pfeiffer, Bankruptcy & Divorce Attorney