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List: Posted: 09/08/11
Money can be a fickle thing – when there's enough of it, life is good. However, if you lose all your money, whether through debt, job loss, or bad financial investments, life can all too quickly turn sour.
When this happens and you find yourself in need of serious debt relief, filing for bankruptcy might seem like the best way to go. However, it might not be the right choice.
You're probably wondering if it's better to file Chapter 7 or Chapter 13. First, you need to understand the differences in these bankruptcy types.
Chapter 7 Bankruptcy
Chapter 7 is total liquidation of your assets. That means that anything you own (whether of value of not) has to be sold off to pay your creditors, leaving you with no possessions or money afterward. However, this type of bankruptcy can be good, as it can eliminate most unsecured debt, is very fast and your creditors cannot bug you after the automatic stay goes into effect.
Chapter 13 Bankruptcy
Chapter 13 is a bit different. This type of bankruptcy is essentially an adjustment of debts for a person with a regular income. This is the best option if you have a home that you want to keep and if you have regular income. You will find that this type of bankruptcy allows you to keep most of your property and spread out your debt payments. You have from three to five years to pay off your creditors, and you will make only a single monthly payment for all of them.
Bankruptcy is suited for different types of debtors. When you find yourself in need of debt relief, speak with an attorney or credit professional to help you determine the best course of action for your situation.
The attorneys at The Ballard Law Group have nearly 40 years of combined experience providing a wide range of legal services to individuals and businesses throughout the Pacific Northwest. Located in the North Seattle Washington area, our Ballard lawyers offer respective experience in bankruptcy, debtor rights and business law services. We also represent individuals in criminal defense and DUI matters. Call 206 569-4875 for a free consultation with The Ballard Law Group, PLLC.
The Symmes Law Group, PLLC was formed by attorney Richard J. Symmes with the ideal of delivering impeccable personal service to all clients, while utilizing technology in order to keep legal fees at a reasonable and affordable rate. When you contact us, you will always have access to a highly skilled legal professional to answer all of your questions and give you guidance for whatever your legal needs may be. The Symmes Law Group is a small law firm; however we deliver big firm results at a fraction of the cost. We focus our practice areas on limited areas on the law to ensure all clients will have an expert to handle their legal needs. The Symmes Law Group is based in Seattle, WA and our attorneys are licensed to practice law in Washington as well as Colorado. To learn more on how we can be of service to you, please call our office at 206-390-9451.
Experience counts - It's important to find an attorney with vast experience in bankruptcy law. We are professionals practicing in Seattle, Washington
The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Local.com. See Additional Information