Details About Chapter 7 And Chapter 13 Bankruptcy

If you have an unmanageable debt load and are considering filing for bankruptcy, one of the first questions you must answer is what type of bankruptcy is appropriate to your situation. Two of the most common types of filings for personal bankruptcy are known as Chapter 7 and Chapter 13.

The fundamental difference between these two forms of bankruptcy is the applicant's income level. Chapter 7 is only available to those whose income falls under a certain threshold.

Chambers Law Offices LLC can help you determine which form of bankruptcy is right for you, and guide you through the filing process.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is generally less complicated and takes less time than Chapter 13 bankruptcy. About 71 percent of all bankruptcy cases are Chapter 7 cases.

Mortgages and car loans: Under Chapter 7, applicants generally have to return their house or car to the creditor (the bank, for example) or arrange to pay the item's fair market value.

Prior bankruptcy: This depends on the date of your last file and if you have received a discharge.

Debts owed for child support, alimony and student loans: Treatment of these debts is a complicated matter and should be discussed with your attorney.

It is possible to file for Chapter 7 bankruptcy even if your income is high enough to make you eligible for Chapter 13. However, you run the risk that the court may dismiss your case or simply convert it to a Chapter 13 bankruptcy case.

Chapter 13 Bankruptcy

About 29 percent of bankruptcy cases are Chapter 13 bankruptcies. This type of bankruptcy can be more complicated, but allows the filer to retain more assets in some cases.

Mortgages and car loans: Applicants are generally allowed to keep their house or car if they can stay current with a court-ordered payment system.

Prior bankruptcy: Having previously filed for bankruptcy may not necessarily prevent you from filing again.

Debts owed for child support, alimony and student loans: These debts should be discussed with your lawyer.

Connecticut Consumer Bankruptcy Lawyer

When you work with Chambers Law Offices LLC, not only do we provide experienced representation, but also the dedicated support you need to feel confident that your matter is receiving the full attention it deserves. Contact us at 860-952-3190 to discuss your case with a skilled Hartford bankruptcy law attorney.

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