Are you interested in filing for bankruptcy? Are you comparing the pros and cons of Chapter 7 and Chapter 13? Despite the many questions to answer and details to address, there will come a point when you need to make a final decision.
There are many reasons why Chapter 7 bankruptcy is preferred by most. Here are some things to remember:
- A typical Chapter 7 filing comes to an end within three to six months. This is in contrast to Chapter 13 in which the repayment plan can last as long as five years. If you want to put this behind you in a hurry, Chapter 7 is the way to go.
- Your property is safe. Just the same as Chapter 13, most (if not all) of your property is safe when you file for Chapter 7 bankruptcy. It is possible that you could lose some property, but this is not typically the case. If you don’t have many assets to begin with, there is a good chance you will keep everything.
The two points above should be enough for you to understand the benefits of Chapter 7 bankruptcy. There is only one problem: you may not be eligible to file. If you earn too much money, you may have to opt for Chapter 13 and a repayment plan. Those who find themselves in this position should learn more about the benefits of Chapter 13, including how it differs from Chapter 7.
Now that you understand why Chapter 7 is the top choice of most who want to file for bankruptcy, this is likely to be where you start. If you are unsure of your eligibility, contact us to setup a consultation. We can help you decide which steps to take and how to move forward in the manner that will suit you best.