What Type of Bankruptcy Should I File For?
Sometimes even your best efforts can’t keep financial challenges from occurring. Other times, you may make a poor choice that leads to economic woes. You may also experience hardships such as major medical problems, disasters or divorce. All of these can cause debt to pile up, leaving you fighting what seems like an unmanageable battle. This is when you need to consider getting help from a bankruptcy attorney. A skilled, experienced bankruptcy lawyer from Brent George Law can help guide you in making this decision and in knowing how to file for bankruptcy and what type to file for.
Chapter 7
When you work with an attorney from Brent George Law on these matters, you’ll discuss your bankruptcy options. Perhaps the first option you’ll consider is Chapter 7 bankruptcy. This type of bankruptcy will discharge most types of your unsecured debt. Perhaps the best news is that you can go through the bankruptcy process and still keep your home and property. From start to finish, Chapter 7 bankruptcy takes about four months to complete. There are income restrictions to this type, so talk to your attorney to see if you qualify.
Chapter 13
If you’re in a position to repay some of your creditors, Chapter 13 might be the most viable option for you. With the court, you will work out a payment plan lasting three to five years. During this time, you can stop foreclosures and save your home. Unlike Chapter 7, there are no income restrictions to Chapter 13 bankruptcy.
Chapter 11
If you own a business and experienced financial trouble, your bankruptcy lawyer may advise you to file for Chapter 11 bankruptcy. It also may make sense to you to file for Chapter 11 if you are a high-income earner.
Talk to your bankruptcy lawyer today about whether bankruptcy is right for you. Your lawyer will advise you which type makes most sense in your situation.
