The Law Office of Chapter 7 And 13
Chapter 7 And Chapter 13 – What’s The Difference?
Chapter 7
Filing Chapter 7 may give you the fresh start you are looking for, but do you qualify? Is Chapter 7 really your best alternative? What does Chapter 7 really mean?
At The Law Office of Karen E. Hamilton we will help you determine what the best plan of action is. We will guide you through the process every step of the way.
Filing Chapter 7 Can:
- Discharge Debts
- Retain Exempt Property
- Negotiate Reaffirmation Agreements
Filing Chapter 7 Can Stop:
- Repossessions
- Utility Shutoffs
- Wage Garnishments
- Creditor Harassment
- Lawsuits
- Evictions
- Foreclosures
Chapter 13
Under the current laws, Chapter 13 (sometimes referred to as “Reorganization Bankruptcy”) allows you to reorganize your debts and reduce your payments over time. Chapter 13 may or may not be a better alternative to filing Chapter 7.
The team at The Law Office of Karen E. Hamilton knows the law. We can help you determine the right path to take.
Why file Chapter 13 instead of Chapter 7?
- Not everyone qualifies for Chapter 7.
- You have nonexempt property you want to keep.
- You want to make up missed payments and reinstate the original agreement.
- You have a student loan, taxes or other commitments that cannot be dismissed under Chapter 7.
- You have a co-debtor you want to protect.
- Often, to stop a foreclosure action, mortgage companies require a large down payment or require you to pay double payments until the mortgage is caught up. In a Chapter 13, you are allowed three to five years to catch up the mortgage, thus allowing you a reasonable amount of time to get your finances, and life back on track.
- The majority of the attorney’s fees are paid through the Plan