Filing for bankruptcy is a huge decision for most people. The chances that you’ve agonized over this decision are great. In many cases, this is the only option that will allow you to get the financial relief that you need. We understand the position you are in and want to help you find the solution that will work for your needs.
When you are considering a bankruptcy petition, you need to determine which chapter to file. This is a huge deal because it impacts what happens after the bankruptcy. There are two primary forms of consumer bankruptcy. One is Chapter 7, which is known as liquidation bankruptcy. The other is Chapter 13, which is known as a working man’s bankruptcy.
The primary difference between these two is that Chapter 13 requires you to make payments on the debts on a specific schedule for a predetermined amount of time. Chapter 7 doesn’t require you to make payments but you have to hand over your assets for the court to liquidate to satisfy the debts.
There are specific rules that apply to each of these forms of bankruptcy. You have to meet the criteria determined in a means test to file Chapter 7. You have to be able to make payments if you file for a Chapter 13. We can help you learn these specifics so that we can get your case filed and moving forward without delay.
Don’t think that you will do yourself any good by trying to wait out your creditors. If you are behind on payments and don’t see a way out, explore bankruptcy. You might find that this is the answer that makes sense for you.