• Your Inquiry
Rmc Govern Law
Advertisement
  • Home
  • Attorney
  • Bankruptcy
  • Divorce
  • Law
  • Lawyer
  • Legal Service
  • Personal Injury
No Result
View All Result
  • Home
  • Attorney
  • Bankruptcy
  • Divorce
  • Law
  • Lawyer
  • Legal Service
  • Personal Injury
No Result
View All Result
Rmc Govern Law
No Result
View All Result
Home Lawyer

Chapter 7 vs Chapter 13: Check important details here!

Riley Kali by Riley Kali
September 27, 2021
in Lawyer
0
Chapter 7 vs Chapter 13: Check important details here!
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

Some financial decisions can have disgraceful consequences. If you have too much debt and cannot find a way to repay your creditors, you have to consider available debt-relief options. Bankruptcy should not be an immediate choice, but it may offer immediate relief depending on your circumstances. Talk to an experienced Charleston, WV bankruptcy attorney to understand the various chapters of bankruptcy. In this post, we are sharing significant aspects of Chapter 13 and Chapter 7. 

Basics of Chapter 7

Chapter 7 bankruptcy allows you to liquidate your assets so that you can repay your creditors. Compared to Chapter 13, the process doesn’t take as much time, and you can be debt-free in as little as six months. Chapter 7 is also cheaper than Chapter 13. You may potentially retain your home if you can repay the instalments and prevent your creditors from taking further legal action against you. Chapter 7 bankruptcy puts an automatic stay, and afterwards, you can start afresh and plan your finances. 

On the flip side, not everyone can file for Chapter 7. Your income is an important factor, and your bankruptcy attorney can do a “means test” to check your assets, debts, and other expenses. Also, you cannot discharge all your debts. Some debts, such as unpaid federal & state taxes and student loans, cannot be discharged. 

Basics of Chapter 13

Chapter 13 is more of a repayment plan, where you get three to five years to repay your creditors. This is an ideal choice for people who lack time and do not have a stable source of income. You can also retain most of your assets and prevent foreclosure. Chapter 13 doesn’t take away everything you own, which is a big advantage. 

In terms of cons, Chapter 13 will still impact your credit score, and you cannot discharge all assets. You will need to pay for student loans, unpaid taxes, child support, and alimony (if and as applicable). Chapter 13 also costs a tad more than Chapter 7. 

What is better – Chapter 13 or Chapter 7?

One type of bankruptcy is not better than the other. It all comes to a person’s financial situation. Chapter 13 offers the relief they need for some people because they can still discharge unsecured loans without losing their assets. Chapter 7 is more common and an ideal option for people who don’t have many assets or stable income. 

Talk to an attorney to know more about both options in depth. 

  • Trending
  • Comments
  • Latest
Should you prefer a Great Attorney, This is one way to visit

Should you prefer a Great Attorney, This is one way to visit

February 7, 2020
The 21 Irrefutable Laws and regulations of Leadership

The 21 Irrefutable Laws and regulations of Leadership

May 26, 2020
Free Of The Law

Free Of The Law

May 28, 2020
14 Spiritual Laws and regulations to understand and employ

14 Spiritual Laws and regulations to understand and employ

May 4, 2020
Estate Planning: Ensuring Your Legacy with expert attorney

Estate Planning: Ensuring Your Legacy with expert attorney

0
An Electrical Of Attorney Explanation

An Electrical Of Attorney Explanation

0
Effective Strategies For Selecting The Right Bankruptcy Attorney

Effective Strategies For Selecting The Right Bankruptcy Attorney

0
Should you prefer a Great Attorney, This is one way to visit

Should you prefer a Great Attorney, This is one way to visit

0
Estate Planning: Ensuring Your Legacy with expert attorney

Estate Planning: Ensuring Your Legacy with expert attorney

February 18, 2023
How to Hire the Best Medical Attorney For Malpractice

How to Hire the Best Medical Attorney For Malpractice

February 18, 2023
5 Reasons Why You Should Hire a Probate Lawyer Today

5 Reasons Why You Should Hire a Probate Lawyer Today

February 16, 2023
Facts About Employment and Labor Attorneys

Facts About Employment and Labor Attorneys

February 6, 2023

Recent Posts

  • Estate Planning: Ensuring Your Legacy with expert attorney February 18, 2023
  • How to Hire the Best Medical Attorney For Malpractice February 18, 2023
  • 5 Reasons Why You Should Hire a Probate Lawyer Today February 16, 2023
  • Facts About Employment and Labor Attorneys February 6, 2023
  • The Facts About How Sexual Assault Defense Law Firm Can Help Victims in Seattle February 6, 2023
  • Lawyers For The Defense Investigate, Inspect, And Probe The Case January 31, 2023
  • Why Hire a Car Accident Lawyer? January 23, 2023

2023

  • + February (5)
  • + January (6)

2022

  • + December (10)
  • + November (1)
  • + October (2)
  • + September (5)
  • + August (4)
  • + July (1)
  • + June (3)
  • + May (4)
  • + April (7)
  • + March (2)
  • + February (3)
  • + January (4)

2021

  • + December (2)
  • + November (6)
  • + October (5)
  • + September (11)
  • + August (5)
  • + July (1)
  • + June (3)
  • + May (1)
  • + April (3)
  • + March (5)
  • + February (1)
  • + January (5)

2020

  • + December (3)
  • + November (4)
  • + October (1)
  • + August (5)
  • + July (6)
  • + June (4)
  • + May (5)
  • + April (5)
  • + March (5)
  • + February (3)
  • + January (2)

2019

  • + December (1)

Tags

CA Domestic violence attorney in Barstow family attorney

© 2020 Rmc Govern Law - All Rights Reserved.

No Result
View All Result
  • Homepages

© 2020 Rmc Govern Law - All Rights Reserved.