Chapter 7 Bankruptcy vs. Chapter 13

Ft. Lauderdale Bankruptcy Attorney

Bankruptcy is available to individuals and businesses throughout the United States who have insufficient financial means to pay debts to creditors for credit card debt, student loans, medical bills and many other types of debt. The common types of bankruptcy are chapter 7 and chapter 13, with both carrying their own set of positives and negatives. If you are considering filing for bankruptcy due to an inability to repay the debt you have accrued, consider speaking with a knowledgeable Ft. Lauderdale bankruptcy attorney who can help determine the best method of bankruptcy for your specific situation.

Chapter 7 is the most well-known type of bankruptcy, and is widely used by people who wish to liquidate any non-exempt assets to help repay as much debt as possible before the court officially clears them of responsibility to repay any remaining debt. Those with no assets can also file for chapter 7 bankruptcy, and there are a variety of different exemptions to liquidation that apply to homes, automobiles and other personal possessions. Chapter 7 can be a fast way of clearing your debt, but the effects can sometimes linger for several years. Chapter 13 is another type of bankruptcy that applied to those who wish to continue repaying on their debt for a period of 3 to 5 years without liquidating any assets or risking a negative impact on their credit report by consolidating consumer debt into one monthly payment made to a bankruptcy trustee. This is an excellent way to save a home from foreclosure, because it prohibits the bank from taking further action against you while in repayment.

Chapter 7 or Chapter 13 Bankruptcy in Ft. Lauderdale

Determining which bankruptcy option is best can be very difficult for those who are not professionals in the field. Brown, Van Horn P.A. understand how complicated and confusing the process can be, and we will work with all clients to determine the best route for bankruptcy resolution based on important factors like total income, total debt, total non-exempt assets eligible for liquidation, potential negative impact in terms of credit rating and more. Our firm believes in your right to seek a fresh start against insurmountable debt, and we will aggressively seek the best possible outcome for you in Florida bankruptcy court.

Contact a Ft. Lauderdale bankruptcy attorney if you no longer have sufficient funds to cover your debts and would like assistance in filing for either chapter 7 or chapter 13 bankruptcy.