The Difference Between Chapter 7 and Chapter 13 Bankruptcy
If you are considering filing for bankruptcy, it is important to understand what different options are available and which works best for your particular situation. Two of the most common types of bankruptcy are Chapter 7 and Chapter 13.
Chapter 7 and Chapter 13
The most common types of bankruptcy are Chapter 7 and Chapter 13, and have some significant differences between them:
- Chapter 7: The most common type of bankruptcy, often called “liquidation bankruptcy,” although very few cases involve selling off and liquidating all of your assets. Instead, the court appoints a trustee to help you eliminate certain debts and essentially give you a fresh start.
- Chapter 13 bankruptcy is often called restructuring bankruptcy. It involves creating a repayment plan to help you reorganize your debts and pay them off over a set period of time.
A strong Florida bankruptcy lawyer can evaluate your financial situation and help you determine which type of bankruptcy is right for you. Ryan J. Really, Attorney at Law, PLLC, is committed to helping people in debt fight to keep their belongings, renegotiate their debts, and get their lives back on track.
With the help of a knowledgeable Florida bankruptcy attorney, you can fight to protect your property while you work to resolve your debt. To learn more, contact the offices of Ryan J. Really, Attorney at Law, PLLC by calling (239) 237-0675.