So, you have considered the many advantages and disadvantages of filing for bankruptcy, and now you would like to know what your options are. What are the benefits of filing Chapter 7 vs. Chapter 13 bankruptcy? How can a Houston bankruptcy lawyer help you decide which type is the right one for your financial situation? Fortunately, these two options are very different; and with a bit of information about intended debtor type, you will easily be able to choose the one that is right for you with the help of a bankruptcy lawyer in Houston.
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Chapter 7 Bankruptcy
For debtors who are in debt to an extreme point and cannot see an end in sight, Chapter 7 is likely the best option. This type of bankruptcy is for debtors who cannot afford to pay any debts in a timely manner and are looking for a debt forgiveness bankruptcy. The result of a Chapter 7 bankruptcy is a fresh start and a chance to get life back in order; however, there are some serious limitations to Chapter 7 bankruptcy. For instance, student loans, alimony or child support that is not current and any money owed to the government is not able to be included in this type. Debtors will also lose anything they own-paid off cars, homes, electronics and other items will be sold to help pay off creditors. Choosing Chapter 7 vs. Chapter 13 Bankruptcy is, indeed, a very drastic way to approach insurmountable debt.
Chapter 13 Bankruptcy
If, on the other hand, debtors have a large debt but they and their Houston bankruptcy lawyers think that they can pay it off over a span of time with a little assistance, a Chapter 13 bankruptcy would be a beneficial financial decision. This type allows debtors to keep all of their possessions under a structured repayment plan. While the payees work to pay off delinquent accounts over a period of three to five years, the creditors will forgive high interest rates and late fees in order to facilitate repayment. Under this plan, co-signers are generally protected and the specific monthly debt payments will be garnished from the debtors' earnings and sent to their creditors. A bankruptcy lawyer in Houston will suggest that clients who are able to pay their living expenses but who are having difficulty paying their scheduled debt payments file for Chapter 13 bankruptcy.
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