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The Difference Between Chapter 7 & 13 Bankruptcies

Arizona Bankruptcy Lawyer Explains

At Arizona Debt Solutions, we are experts at understanding bankruptcy law. When you speak with our professional staff we will be able to guide you through the differences concerning chapter 7 & 13. After we speak with you, we will be able to offer sound advice on which chapter best suits your situation. With a highly experienced Arizona bankruptcy lawyer by your side you will be rest assured that your case will yield the best results in your bankruptcy.

Chapter 7 Bankruptcy Information

If you have a devastating amount of debt that you simply cannot pay back because of circumstances out of your control such as:

  • Job Loss
  • Divorce
  • Medical Bills

Then a Chapter 7 is possibly the best bankruptcy case for you. If you do not see a way out of your debt, bankruptcy laws allow you to open a case for protection from your creditors. Once filed, all your liabilities/assets will be reviewed by the court and creditors will be notified of your pending bankruptcy.

In MANY cases, you are allowed to keep your assets, such as vehicles and a certain amount of money in your bank account. A chapter 7 bankruptcy is the quickest option, typically taking only a few months and your creditors must cease contact as soon as we file it! If you’re looking for more information or wish to file, contact our expert staff for a free consultation!

Chapter 13 Bankruptcy Information

When filing a Chapter 13 you may be eligible if you have a steady or regular source of income. If you are being harassed by creditors because of too much incurred debt, threatened with lawsuits and or garnishment a chapter 13 will stop the calls and allow you to restructure that debt. Same with a chapter 7, all assets & liabilities will be reviewed. Although, with a chapter 13 case, your debt will be restructured so you can repay over time.

The Main Differences of Each Chapter

The only real main difference concerning a chapter 7 and chapter 13 bankruptcy is the ability to repay the debt. This is determined by the “means test” which is required by the court. In short, do you currently have the “means” to repay the debt? If the court determines you have the means to repay some of the debt, a chapter 13 will be the best option for you. At Arizona Debt Solutions, we will carefully review your financial situation to determine the best solution for your situation.

When dealing with bankruptcy a variety of issues can be avoided if you contact us immediately. Our free initial consultation will get your questions answered and on the road to debt relief! Contact an Arizona Bankruptcy attorney at Arizona Debt Solutions to discuss your bankruptcy or debt relief options!

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***The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
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