For authoritative San Diego free bankruptcy advice, take advantage of our “no charge” consultation. If you are considering filing for bankruptcy, you need someone who will not only listen to your troubles, but who will give you good advice in order that you can make the right decisions. It takes a skilled attorney to do this.
Toby Shanner is a member of National Association of Consumer Bankruptcy Attorneys and has participated in over 1000 bankruptcy proceedings. He can help you.
Bankruptcy Advice Tip: Which Type of Bankruptcy is Right for Me?
Chapter 7 vs Chapter 13
Chapter 7: In this type of bankruptcy, most unsecured debts are wiped out without a repayment plan. Unsecured debts that remain include student loans and recent taxes.
Chapter 13: In Chapter 13 bankruptcies, in return for paying some of their debts over three to five years, consumers can have the rest of their debts erased.
Consider All Options
In order to determine the type of bankruptcy that is best for you, call our office and take advantage of a free consultation. We’ll discuss your situation and craft a solution that is right for you. Finding the best solution is based on a careful consideration of your economic circumstances, and an analysis of which option gives you the best opportunities.
You don’t want to put your financial future at risk by hiring a firm that does only Chapter 7. On the other hand, you should also be aware that some attorneys may push clients who have few assets into a Chapter 13 repayment plan instead of a Chapter 7 liquidation plan that would make more sense. There are two reasons for this:
- The extra complexity of a Chapter 13 plan increases the fees due to the attorney.
- The Chapter 13 repayment plan puts the attorney first among all the creditors who get repaid.
Bankruptcy and Foreclosures
Both Chapter 7 and Chapter 13 bankruptcies put an automatic stop to any foreclosure or eviction proceedings, but Chapter 13 typically makes it easier to protect the equity in a home. In a Chapter 7, the home’s equity may be used to pay creditors.
As you can see from the above discussion, there’s multiple things to consider when you’re thinking about filing for bankruptcy. Make sure you take the right steps to engineer a secure future for yourself – get quality advice from an attorney who knows the details of your situation.and knows the law.