Difference Between Chapter 7 & Chapter 13 Bankruptcy

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There are many differences between Chapter 7 and Chapter 13 bankruptcy. The firm can explain to you the differences of these two forms of bankruptcy and which one may be the best option for you. At the Maida Law Firm, P.C., the attorneys can help you make the decision of which chapter you should file under and can ensure that you understand the differences and the process involved in both. The firm can help you clearly understand which one can help you and your family to get back on the right track. Through a free case evaluation, one of the Beaumont bankruptcy lawyers from the firm can help you learn what would be the best route to take depending on your personal situation.

Overview of Chapter 7 Bankruptcy

Chapter 7 bankruptcy is usually the quickest and easiest way to get rid of your debts and obtain a new financial start. If you do not earn more than the median income for your particular family size, then you can almost automatically file for Chapter 7. If your family's income exceeds the median income, there are still ways to file, and a bankruptcy lawyer serving Beaumont and Houston, Texas can help you understand the laws and regulations concerning this chapter. Filing for Chapter 7 bankruptcy allows you to get a discharge of your unsecured debts, such as credit card bills and some taxes. This is known as liquidation bankruptcy.

Overview of Chapter 13 Bankruptcy

Chapter 13 bankruptcy is known as the debt reorganization bankruptcy. It is for those who are not eligible to file for Chapter 7 bankruptcy or have assets that they would lose under Chapter 7 bankruptcy. This reorganization and repayment plan allows you to pay off your debt over a set time frame. Secured debts, such as a home mortgage, must be paid in full. This payment plan allows you time to get your finances in order without penalties or interest.

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No matter what kind of bankruptcy the firm determines is necessary for your situation, the lawyers from the Maida Law Firm, P.C. can help you through the process. It is essential to comprehensively understand the differences between the two types of bankruptcy before you begin the process. The firm believes that the most important part of getting through your case is enabling you to obtain a strong level of knowledge about the process.

The firm's bankruptcy lawyers can help you come to a clear understanding of your situation in an honest manner. You can be assisted by the Houston bankruptcy attorneys rather than going through staff members and never seeing an actual lawyer. Not every client the firm meets with will file bankruptcy. The attorneys want to make sure that the client qualifies for the appropriate chapter of bankruptcy and that they have the right level of representation to make it through the process.

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