Jeffrey M. Rosenblum, P.C.
A Fresh Start

How do I know which chapter of bankruptcy is right for me?

If you find yourself unable to manage your debt on your own, you may feel that there is no way out of your current financial situation. In reality, there are options available to you, including the option of filing for consumer bankruptcy. Making the decision to file could be an important step for your future, but the next step is to decide which chapter is best for your individual situation.

Most New York consumers will file for either Chapter 7 or Chapter 13 bankruptcy. There are certain eligibility requirements applicants will have to meet, and you may not qualify for your first choice. Regardless, there are options available to you, and it is beneficial to seek a complete case evaluation in order to understand what they may be.

The differences between Chapter 7 and Chapter 13

There are benefits to both Chapter 7 and Chapter 13 bankruptcy. The right choice for you will ultimately depend on the details of your individual situation, but it is helpful to know what each option could offer you. Additionally, Chapter 7 allows for the discharge of many types of consumer debt.

  • Chapter 7 bankruptcy: Chapter 7 bankruptcy typically only takes a few months to complete, and this is a good option for individuals who lack the resources to make payments under a debt repayment plan. Additionally, Chapter 7 allows for the discharge of many types of consumer debt.
  • Chapter 13 bankruptcy: This is an option for you if you do not qualify for Chapter 7. It allows you to make reasonable payments on your debt, and it can halt a foreclosure proceeding against your home. It can also allow you keep more of your property that may not be exempt under Chapter 7.

Both of these options allow you the opportunity to confront debt in an effective manner, as well as put a stop to the constant contact from creditors and harassment from debt collectors.

The optimal financial future for you

It's not easy to make the decision to file for bankruptcy. If you think that this is in your best interests, it is beneficial to start by seeking a complete evaluation of your case. This step can help you understand more about the benefits of bankruptcy, allowing you to make a decision for your best financial future. Although it may not seem like it now, there is a way for you to reach a better, stronger financial future.

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