Stockton Bankruptcy Attorney

Deciding Between Chapter 7 and Chapter 13 Bankruptcy

Posted on September 1, 2017 · Posted in Chapter 13 Bankruptcy, Chapter 7 Bankruptcy

Chapter 7 bankruptcy is your best choice if you don’t have any assets that you’d have to surrender to a trustee, you’re current on home and car payments or you are willing to give them up, you don’t have much money left over each month after paying expenses, or you haven’t received a bankruptcy discharge in an earlier case filed within the past eight years. Chapter 13 bankruptcy is a better option if you want to catch up on mortgage payments, you need time to pay off past-due support obligations, you owe tax debts that you want to pay off without interest or penalties, you received a discharge in a bankruptcy case filed within the past eight years, or you earn enough money to pay monthly expenses with ease and want to do your best to repay creditors at least some amount.

Although your case will most likely fall under the Chapter 7 or Chapter 13 case, there are a few other potential options to think about. Chapter 11 cases are large reorganizations that are worth looking into if you do not qualify for Chapter 13. Chapter 12 cases are specific type of bankruptcies geared towards family farmers and fishermen. Chapter 20, although technically not in the Bankruptcy Code, is a combination of Chapter 7 and Chapter 13. Choosing between the different options is something both you and your lawyer need to discuss.

If you are having financial hardship and are considering filling for bankruptcy, please call a bankruptcy attorney at our office at (916) 971-8880 for a FREE confidential bankruptcy consultation.

Click here to fill out our FREE Confidential Bankruptcy Case Consultation form.

“We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”

Conlon & Fong

6825 Fair Oaks, Blvd., Suite 101
Carmichael, CA 95608
TEL: (916) 971-8880