Is Chapter 7 Bankruptcy the Right Chapter for Me?
January 16, 2015
There are multiple chapters of bankruptcy and determining which chapter is the right one for you can be difficult as many factors are taken into consideration. The two most common Chapters of bankruptcy individuals file are Chapter 7 and Chapter 13. Chapter 7 is largely known as “liquidation” bankruptcy while Chapter 13 is referred to as “reorganization” bankruptcy. For those who are really struggling with debt, there often comes a point where climbing the mountain back to financial comfort seems nearly impossible. At the end of each month if you have very little income left over after your everyday living expenses, that you find yourself no longer able to keep up with the repayment of your debt or only making minimum payments, Chapter 7 is something you should begin to consider. Whether the economy took a large toll on your source of income, or poor decision-making has led you to the position you are in, every individual’s circumstances are unique and determining if bankruptcy is the right choice for you should never be done so alone. You should always take the time to consult with a bankruptcy attorney who can provide you with options and advise you on the proper route to take. Your attorney be able to decide whether or not filing for Chapter 7 is, in fact, appropriate and most importantly if you are qualified to do so.
If you qualify to file Chapter 7 all of your debts will ultimately become discharged (forgiven). Qualifications are based off of household size and disposable monthly income. If you meet the conditions to file, it does not matter how much or how little debt you are choosing to file on or why you are choosing to file bankruptcy in the first place, you just qualify. At the law office of Jeffrey J. Randa our team has specific questions we ask each individual who calls inquiring about chapter 7 bankruptcy to determine their eligibility. Every consultation is free and can be done right over the phone.
It is very important to remember that every person’s circumstances are different. We do not all have the same income, debts, assets, family size or liabilities so it is not recommended to compare you to others when considering which chapter to file. Seeking an experienced bankruptcy attorney is the only way to know the proper course of action to take pertaining towards your specific circumstances. If you are beginning to feel as if you are drowning in debt and cannot see a way above it, ignoring the situation is the last thing you want to do. Eventually a judgment, garnishment, or attachment of lien will force the debt back to your attention. You owe it to yourself to let us help before you get yourself into deeper waters. By giving our office a call we can determine what you can do immediately and how to proceed to a financially stress-free future. A confidential and comprehensive phone consultation with our office is the first step to relieve your anxiety and stress. We will provide you with important information and give you a plan. By the end of your call you will be sure to feel more knowledgeable, know if Chapter 7 is right for you, and all your questions will have been answered. Pick up the phone today and get on your best path towards financial freedom.