When is it preferable to file a Chapter 13 bankruptcy instead of Chapter 7? First let’s talk about what the basic difference is. Chapter 7 is liquidation of debts. In a Chapter 7 bankruptcy all your debts other than debts which you specifically reaffirm such as a car loan, or a home mortgage, or debts which are not dischargeable, such as federal taxes, or student loans, all other debts are discharged. Whereas in a bankruptcy, the unsecured debts or some portion of them, typically a small portion of them is paid off over a period of time three to five years. So taking that fundamental distinction between Chapter 7 and 13 into consideration what are some reasons why a Chapter 13 might be preferable? If you loved this information and you would like to obtain even more information regarding elder law (visit the following post) kindly browse through our page. Well, I’ve listed five and not necessarily in any particular order. First of all, someone’s behind in their mortgage or their car loan they want to make up the payments but the bank is saying no, you’ve got to pay it all at one time. In a Chapter 13 bankruptcy, the court can require that the lender accept the payment of the backdue payment over a three to five year period during the course of the plan.
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Filing for bankruptcy should definitely speak to a lawyer who is experienced in this branch of law.
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