It is best to speak to a legal professional about your situation with our free case evaluation, but most people are faced with two types of bankruptcy options: Chapter 7 usually for smaller debt amount and Chapter 13 for larger ones. Each type has different pros and cons that might or might not be right for you. Here is a quick overview of the two types.
Chapter 7 Bankruptcy is commonly used when you do not have a lot of real property and when you have little or no money after paying your basic expenses. In this type of filing most of your unsecured debts can be completely eliminated. This type of filing moves quickly and can be resolved in a matter of months. Let us connect you with a Debt and Insolvency Professional in your area!
Chapter 13 Bankruptcy is often the choice when you have significant equity in your home but you are struggling financially to keep up with loan payments and other debts to maintain control of your property. This type of filing is good if you have a regular income but can’t keep up with regular payments. This kind of bankruptcy usually gives you 3 - 5 years to catch up on payments by spreading out the schedule of your payments. Let us connect you with a Specialist Today!
To get the best answer, please request a free case evaluation by a local debt specialist today!