Chapter 7 vs. Chapter 13
Debt relief under the Bankruptcy Code may be an option for you if:
1. Your house is being foreclosed upon. Filing a Chapter 7 bankruptcy may provide you with an additional amount of time you may need in order to pack up your belongings to prepare for your transition from mortgage payments to leasing an apartment or house. Filing a Chapter 13 bankruptcy may allow you to save your house from foreclosure. Under a Chapter 13 bankruptcy, you will be on a payment plan. As long as you remain current on all mortgage payments that come due after filing a Chapter 13 bankruptcy AND remain current on all your Chapter 13 plan payments, you will be able to remain in your house.
2. Your vehicle is in the process of being repossessed. Filing a Chapter 7 bankruptcy may provide you an additional amount of time needed to remove your personal belongings from the vehicle or it may provide you with additional time to bring your arrearage amount current. Filing a Chapter 13 bankruptcy may also allow you to save your vehicle from repossession as long as you stay current on both your vehicle payments that come due after filing a Chapter 13 bankruptcy AND remain current on all your Chapter 13 plan payments..
3. Your credit card bills/medical bills/personal loans/ are piling up and you cannot continue to afford paying such high interest rates. Filing a Chapter 7 bankruptcy may provide you with the "fresh start" you may be seeking. A Chapter 7 bankruptcy generally eliminates these types of unsecured debts. In a few circumstances, filing a Chapter 13 bankruptcy may also provide you with the benefits similar to a Chapter 7 bankruptcy.
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Chapter 7 bankruptcy