At San Diego Bankruptcy Attorney, we can help you understand whether Chapter 7 or Chapter 13 is your best bankruptcy option.
Chapter 7 is the most usual form of bankruptcy filed. It involved the liquidation of your assets unless they are exempt. All debts will be discharged at the end, however, unless they are not dischargeable debts.
Chapter 13 involves a "reorganization" of your debts and a 3 to 5 year plan to repay as much of it as you can. You might get a reduction of some of these debts as well, but many of they may have to be repaid in full but you get more time to do it. It just depends on the precise type of debt involved, so it's important to have an expert bankruptcy attorney survey exactly how much you owe to who and for what, before deciding on Chapter 7 versus Chapter 13.
There are also many detailed rules as to who is eligible to file each type of bankruptcy and there are many factors that will determine how workable a Chapter 13 plan is for you or how many assets you'll be left with after filing Chapter 7.
At San Diego Bankruptcy Attorney, we can help you wade through all the complexities of bankruptcy law and make the wisest decisions for the situation you are in.
