Deciding Between Chapter 7 and Chapter 13 Bankruptcy Protection
By Law Offices of Baker and Farris
Feb. 21, 2012 1:08p
If you have found yourself overwhelmed by debt with no hope of getting out from under it, it may be time to seek bankruptcy protection through Chapter 7 or Chapter 13. You may be wondering which form of protection to file for or may be afraid that you won’t even qualify. That is when it is time to consult with someone who has the legal skill and experience to help you through. If you are considering filing for bankruptcy in Butte County, a Chico bankruptcy attorney may be able to help.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy protection can be filed by individuals or businesses that generally have no way to even make payments on their debts. Under this filing, the total unsecured debt (there are some restrictions) is negotiated with creditors and then certain property belonging to the debtor is liquidated to make payment. Some property is exempt from liquidation. This bankruptcy process usually takes about three to six months before the filer becomes essentially debt-free.
Chapter 13 Bankruptcy
A Chapter 13 filing works a little differently and is a longer process. This form of protection is sometimes known as “wage earner bankruptcy” or “payment plan bankruptcy” protection. Debtors with a reliable source of income are allowed to have their total debts (again, some debts are exempt) renegotiated and a monthly payment plan is developed. Payments are made over a three to five year period.
Get the help of a Chico bankruptcy attorney now!
It is important to know that getting the help of a bankruptcy lawyer and filing for this protection does not mean you are an irresponsible or bad person. Bankruptcy laws exist to protect citizens from financial ruin that could destroy an individual or family and their future. There is no shame in seeking to overcome personally difficult economic times. A Chico bankruptc attorney with us at the law offices of Baker and Farris is dedicated to helping people discover which Chapter of bankruptcy they qualify for and then getting them that protection. The solutions that debt relief can bring are numerous. You and your family deserve to have every chance at success. Don’t hesitate to seek our help in getting creditors off your back and beginning your road to a brighter financial future!
Contact a Chico bankruptcy lawyer with us today to find out more about bankruptcy protection.
Other Recent Articles
An internet retail company based in Chico decided to close recently after 15 years of business. The company started as a retail store which sold a variety of green products from health items to ...
More Articles »
Financial stress is no stranger to many Californians as many are having a difficult time making ends meet.
More Articles »
It was estimated earlier this year that millions of homeowners would be losing their homes this year. Many people got caught up purchasing homes that they could not truly afford and are now in dire ...
More Articles »