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Chapter 7 vs. Chapter 13 Bankruptcy

Financial problems can happen to any individual, family or business, especially during hard economic times. In some cases, bankruptcy is an effective solution.

Federal law provides excellent opportunities for debt relief and protection through several different types of bankruptcy filings. Chapter 7 and Chapter 13 are the two most common forms of consumer bankruptcy, each offering its own set of benefits and drawbacks. If you are seriously considering debt relief through bankruptcy, you may be wondering about the differences between Chapter 7 and Chapter 13.

As a Florida bankruptcy attorney with more than 30 years of experience helping consumers get out of debt, I can advise you on whether bankruptcy is right for you based on an evaluation of your debts, your assets and your goals. If you are a good bankruptcy candidate, I will explain what type of bankruptcy is most appropriate.

Chapter 7 vs. Chapter 13 Bankruptcy: What's the Difference?

There are numerous differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy. For example:

  • Chapter 13 can stop a foreclosure process, which may allow you to save your house, while Chapter 7 cannot stop foreclosure
  • Chapter 7 can get you a fresh start without the burden of debt: Many people use Chapter 7 filings to eliminate all their credit card debt and personal loan debt. However, in Chapter 7, you may have to give up assets that will be used to satisfy debts.
  • You must qualify for Chapter 7 through a means test, which assesses your ability to pay off your debt
  • Chapter 13 allows you to pay back debts over time, while Chapter 7 does not require a payment plan: Through a Chapter 13 payment plan, you can repay mortgage arrearages, restructure debt on a vehicle or pay back other debts affordably over a period of time. It gives you the ability to restructure secured debt (such as mortgage debt) even if there's an objection by a creditor.
  • Chapter 13 can be used if you don't qualify for Chapter 7 because of your assets or income

Contact a Tallahassee Chapter 7 and 13 Bankruptcy Lawyer

Contact me, attorney Tom Woodward, to schedule a free bankruptcy consultation. I can advise you on bankruptcy matters of all kinds.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Thomas Woodward Law Firm, PLLC
2565 Barrington Circle
Suite 107
Tallahassee, Florida 32308
Phone: 850-296-1344
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