What Can a Bankruptcy Law Firm Do for You?
There are a few differences between Chapters 7, 11, and 13. Bankruptcy is process in which individuals or businesses declare themselves unable to make payments on outstanding debts. This process prohibits collection agencies and creditors from contacting you and essentially releases you from specific debts.
The main things to remember about the difference between filing for Chapter 7 bankruptcy and filing for Chapter 13 bankruptcy are income level, debts, financial goals, and assets. Individuals who fall below a certain income level can file for Chapter 7 bankruptcy and those who don’t can file for Chapter 13 bankruptcy. Chapter 7 is designed to help those who make little to no money to pay back their debt. Chapter 13 is designed for debtors who are able to pay back a portion of their debts through a repayment plan. In a nutshell, those who file for Chapter 7 have their assets liquidated, if any, and those who file for Chapter 13 retain and restructure their assets to pay off some of their debt.
Chapter 11 bankruptcy is available to individuals and businesses. Our bankruptcy lawyers provide a free consultation to determine which type is best for you in light of your financial goals. We understand that filing for bankruptcy is no easy endeavor, which is why we work with you to set up a convenient payment plan.
Contact our office to schedule a free consultation. We proudly serve the clients of Clearwater, Palm Harbor and Tarpon Springs, Florida.