There are many different benefits and consequences when it comes to choosing one form of bankruptcy over another, and an experienced bankruptcy lawyer will be able to help you understand the differences between Chapter 7 and Chapter 13 bankruptcy. You might be eligible for one, but not the other, or may need a different type of bankruptcy altogether. The experienced bankruptcy lawyers at the Whitten & Whitten can help you choose which bankruptcy is best for your particular situation.
Your typical resident in Schererville, Indiana who is considering bankruptcy has two primary options, Chapter 7 bankruptcy and Chapter 13. Both Chapter 7 and Chapter 13 are available for individuals, but there are different eligibility requirements for each one. Each one of Chapter 7 and Chapter 13 offers specific benefits and consequences for those individual who choose to use them in order to discharge their debts. If you are interested in filing for bankruptcy in Schererville, you should consult with an experienced bankruptcy lawyer.
Chapter 7 bankruptcy is an attractive bankruptcy option for many individuals because it provides the debtor with a clean slate – all eligible debts are basically wiped away. Chapter 7 is also considered to be the easiest and quickest form of bankruptcy. In order to take advantage of Chapter 7 bankruptcy, debtors must meet very specific eligibility criteria. The debtor:
Chapter 13 bankruptcy involves developing a repayment or debt restructuring plan that must be approved by the bankruptcy court. Debts are not wiped away in Chapter 13 bankruptcy; instead terms of repayment are extended, interest rates are reduced, or a portion of the owed debt is discharged. Chapter 13 filers generally still have to repay some of their debts. Many people choose Chapter 13 bankruptcy so that their assets can remain intact and protected from their creditors. Generally speaking, future income is earmarked for repayment of your debts under Chapter 13 bankruptcy. Chapter 13 bankruptcy is available to those individuals who do not qualify for Chapter 7 bankruptcy and some debts that cannot be discharged under Chapter 7 may be eligible for discharge through Chapter 13 bankruptcy proceedings.
Developing an understanding of the different bankruptcy options that are available and the eligibility requirements is important if you are considering filing for bankruptcy. An experienced Schererville bankruptcy lawyer can guide you through the process. The Whitten & Whitten has helped countless clients figure out which form of bankruptcy best suits their particular situation. Let us help you too. Contact us online, or you can call our office at 219.756.0555.
These guys really took me out of a tough time. Really down to earth and made me feel at easy. Would recommend
I would suggest Whitten & Whitten and the whole office. They helped me and were so helpful and friendly. Thank you for getting me back on track.
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