Chapter 7 vs. Chapter 13 Bankruptcy
What Is the Difference Between Chapter 7 and Chapter 13?
There are many differences between
Chapter 7 and
bankruptcy. The firm can explain to you the differences of these two forms of bankruptcy
and which one may be the best option for you. At the Maida Law Firm, P.C.,
the attorneys can help you make the decision of which chapter you should
file under and can ensure that you understand the differences and the
process involved in both. The firm can help you clearly understand which
one can help you and your family to get back on the right track. Through a
free case evaluation, one of the Beaumont bankruptcy lawyers from the firm can help you learn
what would be the best route to take depending on your personal situation.
Overview of Chapter 7 Bankruptcy
Chapter 7 bankruptcy is usually the quickest and easiest way to get rid
of your debts and obtain a new financial start. If you do not earn more
than the median income for your particular family size, then you can almost
automatically file for Chapter 7. If your family's income exceeds
the median income, there are still ways to file, and a bankruptcy lawyer
serving Beaumont and Houston, Texas can help you understand the laws and
regulations concerning this chapter. Filing for Chapter 7 bankruptcy allows
you to get a discharge of your unsecured debts, such as credit card bills
and some taxes. This is known as liquidation bankruptcy.
Overview of Chapter 13 Bankruptcy
Chapter 13 bankruptcy is known as the debt reorganization bankruptcy. It
is for those who are not eligible to file for Chapter 7 bankruptcy or
have assets that they would lose under Chapter 7 bankruptcy. This reorganization
and repayment plan allows you to pay off your debt over a set time frame.
Secured debts, such as a home mortgage, must be paid in full. This payment
plan allows you time to get your finances in order without penalties or interest.
Contact Our Qualified Houston & Beaumont Bankruptcy Firm!
No matter what kind of bankruptcy the firm determines is necessary for
your situation, the lawyers from the Maida Law Firm, P.C. can help you
through the process. It is essential to comprehensively understand the
differences between the two types of bankruptcy before you begin the process.
The firm believes that the most important part of getting through your
case is enabling you to obtain a strong level of knowledge about the process.
The firm's bankruptcy lawyers can help you come to a clear understanding
of your situation in an honest manner. You can be assisted by the Houston
bankruptcy attorneys rather than going through staff members and never
seeing an actual lawyer. Not every client the firm meets with will file
bankruptcy. The attorneys want to make sure that the client qualifies
for the appropriate chapter of bankruptcy and that they have the right
level of representation to make it through the process.