Raleigh Legal Advice on Types of Bankruptcy

Chapter 7 vs. Chapter 13

There are numerous types of bankruptcy but the most commonly used for individuals are Chapter 7 and Chapter 13. In order to determine the best option for you, it is vital you obtain the help of an experienced Raleigh bankruptcy attorney, who can review your financial situation and advise accordingly. A Chapter 7 is often the preferred option but a means test must be taken in order to determine eligibility. This type of bankruptcy cancels out all qualifying debt, such as credit cards, personal loans, medical bills, repossession deficiencies, certain taxes and more. Debts that do not qualify include money obtained illegally, fines, alimony and support payments, student loans, most taxes and more.

A Chapter 13 bankruptcy helps you pay down your debt on a payment plan based on what you can afford. This is usually in place over a three to five year period, after which any remaining balance may be discharged. Interest ceases to accrue at the time of filing, further helping you to get back on top of your finances. Mortgage payments, car payments, overdue tax balances and more can be included in this type of bankruptcy.

Raleigh Bankruptcy Lawyer

The Chetson Firm provides personalized attention and can help you to make informed decisions about the best option for you. They can determine for which types of bankruptcy you qualify and from there, which would best suit your situation and needs. The type of debt and types of assets you have, along with your overall financial position and priorities will all be taken into account to ensure you experience the maximum possible benefits of bankruptcy. Once your route has been determined, the team at the firm will fight to genuinely improve your situation so that you may experience the freedom of life after bankruptcy.

Contact a Raleigh bankruptcy attorney for help determining which type of bankruptcy is best for you.