Chapter 7 vs. Chapter 13 Bankruptcy: How a Bankruptcy Lawyer Can HelpComments Off on Chapter 7 vs. Chapter 13 Bankruptcy: How a Bankruptcy Lawyer Can Help
The majority of bankruptcy cases filed in the Unites States are either Chapter 7 or Chapter 13. Some of the most common questions surrounding bankruptcy have to do with the differences between Chapter 7 and Chapter 13. What are the key differences, and how do you know which bankruptcy choice is the best choice for you? The answers to these questions greatly depends on your income, assets, debts, and liabilities. Your financial goals are also considered. Read on to learn more about the differences between Chapter 7 and Chapter 13 bankruptcy and how a bankruptcy lawyer in St. Louis can help.
What is Chapter 7 Bankruptcy?
The goal of Chapter 7 bankruptcy is to get rid of all unsecured debts. The most common forms of unsecured consumer debt are credit cards and medical bills.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is an option for individuals who want to pay back at least a portion of their debts, which can be arranged with repayment plans.
Chapter 13 bankruptcy offers more benefits than Chapter 7 bankruptcy. Chapter 13 bankruptcy allows individuals to catch up on missed mortgage payments or catch up on other accounts that may be in default.
How Can a Bankruptcy Lawyer in St. Louis Help?
Now that you understand the differences between Chapter 7 and Chapter 13 bankruptcy, a bankruptcy lawyer in St. Louis can analyze your financial situation, including all your assets and liabilities, talk to you about your financial goals, and advise you in one direction over the other.
Contact our legal team at Teague & Associates today at (314)899-4499 to speak with a bankruptcy lawyer in St. Louis.