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A Chapter 7 Lawyer Can Help

A Chapter 7 lawyer can help you to choose the right type of bankruptcy for your situation. Learn the differences between them and make the right decision for your future.

When hiring a Chapter 7 lawyer, you may be planning to file for bankruptcy and not think about it again. There are numerous steps in the process, though. For many men and women, there are options to consider and plans to make. If you plan to work through this process of discharging your debts, you will need an attorney to help you through the process. The attorney will offer guidance and help you to choose the right type of bankruptcy for your needs.

When you work with a Chapter 7 lawyer, he or she will also provide you with information regarding other ways to file. For consumers, 7 and 13 are the two most common forms filed. Some of the differences are listed below.

- In total liquidation, or 7, the individual will repay none of his or her debts. Here, the goal is to get rid of all of your unsecured debt and any secured debt you cannot continue to pay for after the process. In 14, on the other hand, you will need to repay some debt, including car loans, unless you plan to lose those assets.

- In 13, also known as debt reorganization, the individual will work through a debt repayment plan that lasts between three and five years. During that time, the individual will pay the courts a set amount of money each month that is distributed to creditors.

- In total liquidation, if you have any assets that are beyond what you are allowed to keep under the state's exemptions, those assets are confiscated by the trustee and sold. The proceeds are split among creditors. In debt reorganization, no assets are lost unless you decide to give them up so you do not have to continue to pay for them.

- Both methods can freeze the foreclosure process. However, in either type, you still need to find a way to get your mortgage debt caught up or you will likely lose the home. Neither option stops foreclosures long-term.

- These methods give you a fresh start, but both have a negative implication on your credit report. You will likely face credit limitations for 7 to 10 years after filing.

When you talk to a Chapter 7 lawyer, he or she will offer guidance and advice on what options are available to you. Many people, who own high amounts of assets or who make more money than is allowable to file total liquidation, will opt for debt reorganization. Each situation is different, though. By working with your attorneyFree Reprint Articles, you'll learn about the options available to you and what you can do to avoid making mistakes through this process. This expert advice can help you have the best fresh financial start possible.

Article Tags: Total Liquidation, Debt Reorganization

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