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Bankruptcy can be a daunting process, but it can also be the best solution to easing your financial burden. However, choosing between Chapter 7 and Chapter 13 can be stressful. Which option is the best for you? In this article, we will help you understand the difference between Chapter 7 and Chapter 13 bankruptcy and the best option for your situation.
Chapter 7 is known as a “liquidation bankruptcy” and is the most common type of bankruptcy filing in the United States. This type of bankruptcy aims to distribute your non-exempt assets among your creditors. This results in significant debt relief while allowing you to keep exempt items such as your car or home. It is ideal for people who do not have sufficient disposable income or assets to pay off their debts, such as credit card debts. Chapter 7 provides a fresh start for individuals who are overwhelmed by debt.
Chapter 13 bankruptcy is known as the “reorganization bankruptcy”. This type of bankruptcy eliminates some debts and restructures the remaining debt into a repayment plan. The debtor is expected to make monthly payments that are distributed to their creditors. Chapter 13 is ideal for people with a reliable income source who want to keep certain assets such as their homes. This type of bankruptcy allows individuals to keep their assets while still managing to pay off some or all of their debts.
Who should file for chapter 13 bankruptcy? This type of bankruptcy is ideal for someone who has a steady income and wants to keep their assets such as their home or car. Chapter 13 bankruptcy is an excellent solution for individuals who do not qualify for Chapter 7 or whose debt is mostly non-dischargeable.
At Lafferty Law Firm, we understand how overwhelming debt can be. We specialize in assisting Nashville residents with bankruptcy matters. Our legal team is experienced in handling both Chapter 7 and Chapter 13 bankruptcy cases. We take the time to understand our clients' financial situations and work with them to develop a personalized solution.
Deciding which type of bankruptcy to file can be stressful, but with our help, you do not have to face this alone. We can assist you in determining which type of bankruptcy is right for your situation. Our goal is to relieve you of your financial stress and provide a fresh start for your financial future. Contact the Lafferty Law Firm today to schedule a consultation and take a step towards financial freedom.
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