South Side Bankruptcy Attorney

Chapter 7 vs. Chapter 13

All of our skilled attorneys at Glanzer & Associates, P.C. have a thorough understanding of bankruptcy law.  Our highly trained legal staff will be able to provide you with all of the information you need to make a sound decision regarding filing for bankruptcy.  With our experienced advice, we will recommend what type of bankruptcy is appropriate for your financial circumstances.  We respect your privacy and personal financial situation.  Having a South Side Bankruptcy attorney at your side will ensure you have the confidence you need to obtain the results you expect from your bankruptcy.  Below are some differences between the two types of bankruptcies. 

Chapter 7 Bankruptcy Lawyer

If you have overwhelming debt that you find you just cannot pay due to circumstances beyond your control, such as the loss of a job, divorce or unexpected medical bills, then Chapter 7 is possibly the type of bankruptcy you need. If you do not have the means to repay your debt and just don’t see a way out, the bankruptcy laws allow you to file for this type of protection from your creditors. 

When the bankruptcy is filed, all of your liabilities and assets will be reviewed by the Court and all of your creditors will be notified of the pending bankruptcy.  Most people are allowed to keep their assets, such as a vehicle or a certain amount of money in a bank account.  Filing a Chapter 7 bankruptcy is a rather easy procedure, taking only a few months, but your creditors must stop contacting you as soon as your bankruptcy is filed. 

The main difference between Chapter 7 and Chapter 13 is your ability to repay your debts.  To determine this, the court requires us to evaluate your case through a “means test”.  Basically, do you have the “means” to repay your debt?  If it appears that you have the ability to repay some of your debt, then a Chapter 13 bankruptcy may be more appropriate.  At Glanzer & Associates, P.C., we will carefully review your financial situation with you in order to determine the best course of action for your specific circumstances.

For complete information and a free initial consultation on the types of bankruptcy filings, contact our experienced and caring legal team.

Chapter 13 Bankruptcy Attorney

In a Chapter 13 filing, if you have a steady job or regular source of income such as from a small business or pension, than you may be eligible for this type of a bankruptcy.  If you have incurred too much debt and are being harassed by creditors or being threatened with lawsuits or garnishment, this bankruptcy will stop the collection calls and allow you to restructure your debt. 

As with Chapter 7, your assets and liabilities will be reviewed.  However, in a Chapter 13 bankruptcy, your debt will be restructured so you will be able repay it over time.  With the various issues that come into play with bankruptcy, we urge you to contact the Glanzer & Associates, P.C. to ascertain which type of bankruptcy is best for you.  Our free initial consultation will allow you to have your questions answered.  Call us today.

If you have a home and are behind on your mortgage payments, a Chapter 13 plan may prevent you from losing your home to foreclosure. 

With the various issues that come into play with bankruptcy, we urge you to contact our skilled and experienced bankruptcy attorneys at the Glanzer & Associates, P.C. to ascertain which type of bankruptcy is best for you.  Our free initial consultation will give you the confidence you need to make a sound decision on the proper course of action for your financial situation.  Call us today.

Contact a South Side Bankruptcy Attorney from Glanzer & Associates, P.C. to discuss your bankruptcy or other personal legal debt relief options.