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Is Chapter 7 or Chapter 13 Bankruptcy Better?

by | Oct 15, 2019 | Bankruptcy Articles

It all depends on the specific situation of the debtor.

Chapter 7

Generally speaking, Chapter 7 bankruptcy 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.

Chapter 13

However, consumers who have a regular income and non-exempt property that they want to keep should consider a Chapter 13 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.

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