Chapter 7 Vs. Chapter 13

Learn What Kind Of Bankruptcy Is For You

If you are experiencing money problems, you may have already done some research about personal bankruptcy. Most individuals choose to pursue one of two routes: Chapter 7 and Chapter 13 bankruptcy. While these are relatively common legal procedures, they can seem complicated for those who have little experience with bankruptcy.

Working with an experienced bankruptcy lawyer can go a long way toward helping you understand which form of bankruptcy — if any — is a good fit for you and your situation. As the founder of the Steele Law Firm, I have advised many clients in Fort Worth and helped them get their affairs in order so that they could begin to rebuild their financial future via the clean slate that bankruptcy can provide.

Chapter 7 Vs. Chapter 13: Benefits And Drawbacks

Understanding the defining features of Chapter 7 and Chapter 13 bankruptcy is essential for helping you make an informed choice about the commitment you are going to make. Here are some of the key points to understand:

What is Chapter 7? In this form of bankruptcy, debts are paid via the selling of some of the debtor’s assets. This provides some immediate payments to the creditors, and quick relief to the bankruptcy filer. The entire process, from filing to discharge of debt, can take only a few months.

What is Chapter 13? Instead of liquidating assets to go toward your debts, in Chapter 13 bankruptcy you enter into a repayment plan where you pay back at least a portion of your debt in monthly installments. While the process takes longer — up to five years — you get immediate protection from foreclosure, automobile repossession and harassing creditors as soon as you file.

To learn more about the specifics of each plan, contact a reputable bankruptcy attorney. Call me at the Steele Law Firm at  682-231-0909, or email me your information to set up a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We Can Help

contact us today

WE'RE HERE FOR YOU

Schedule a Free Initial Consultation
(682)231-0909
3629 Lovell Ave, Ste. 100
Fort Worth, TX
Directions
Disclaimer(Required)
This field is for validation purposes and should be left unchanged.
  • Does Bankruptcy Clear All Debt in Texas?

    Bankruptcy can be a confusing concept, especially considering its legal and financial implications. A bankruptcy debt lawyer in Texas can help you navigate a […]
    read more

    How Much Debt Do You Have to Have to File Chapter 13 Bankruptcy in Texas?

    If you or your business finds itself in need of assistance due to a significant amount of debt, you may be eligible to file […]
    read more

    How to Choose the Best Saginaw Bankruptcy Attorney

    The decision to file for bankruptcy is a significant and impactful decision in its own right. When it comes to partnering with a skilled […]
    read more
  • What to Prepare When Meeting With a Plano Bankruptcy Lawyer

    Filing for bankruptcy can be a complicated and draining legal process. However, with the right preparation and an experienced and skilled attorney, it could […]
    read more

    How to Find the Best Bankruptcy Attorney in Irving, TX

    When you are in a position where you must consider bankruptcy, you are already feeling the strain related to uncontrollable and unmanageable debt. This […]
    read more

    What to Expect When Working With a Denton, TX, Bankruptcy Attorney

    It is never easy to admit that you are struggling financially due to excessive debt and unpayable bills. Fortunately, there is a legal route […]
    read more
  • Top 3 Signs It's Time to Hire a Dallas Bankruptcy Attorney

    Financial strains are among the most stressful issues to handle, and when debts and obligations become out of your control, the stress can become […]
    read more

    Navigating the Dallas Bankruptcy Court System

    Considering filing for bankruptcy can be an emotionally stressful decision as it usually follows already strenuous financial issues. What’s more, the actual process for […]
    read more

    How Do You Qualify for Chapter 13 in Texas?

    A Chapter 13 bankruptcy can be a helpful strategy for someone to get their debt situation under control, manage payments, and begin the path […]
    read more