Is Chapter 7 or Chapter 13 Bankruptcy Better?
Generally speaking, The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.) Click for more: Chapter 7 Bankruptcy A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code). Click for more: Bankruptcy Introduction Video is better for people who have a lot of unsecured debts, like credit card debt and medical bills. Consequently, individuals who do not have a lot of property, or do not currently have much income, or have a lot of unsecured debt, may want to consider filing Chapter 7 bankruptcy.
However, consumers who have a regular income and non-exempt property that they want to keep should consider a The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) Click for more: Chapter 13 Bankruptcy bankruptcy.
It is best to consult with an experienced bankruptcy attorney so he can review your specific financial situation and advise you as to which type of bankruptcy protection would be best for you.