At Steadman Law Firm, we are devoted to helping you with the best bankruptcy plan to fit your needs. There are multiple types of bankruptcy that can help individuals be relieved of their debts. Many people may not know the difference between Chapter 7 and Chapter 13 Bankruptcy.
Chapter 7 bankruptcy is geared towards people looking for a “fresh start” with their finances. While there are certain items that bankruptcy will not cover such as student loans or taxes, Chapter 7 bankruptcy typically will eliminate or settle all debts of the filer. Chapter 7 bankruptcy is something that should be carefully considered. If you have assets, you may be required to sell them off in order to repay your debts. After filing, one cannot file bankruptcy of any kind again for 6 years.
Chapter 13 bankruptcy can be thought of as more of a payment plan. If you are someone with a steady income and feel that you need help with your monthly bills, then Chapter 13 bankruptcy can help get you back on track. The filer is given the chance to repay their debt over a period of 3-5 years. While your debt is not eliminated like with Chapter 7, you will be given more manageable payments for your debt so that you can get back on track financially.
Let the experts at Steadman Law Firm help you obtain financial freedom and get your finances under control. Call us today for a consultation!