Should I file for Chapter 7 or Chapter 13 bankruptcy?
The differences between the two major forms of personal bankruptcy are significant. In Chapter 7 bankruptcy, which a debtor must qualify for, a person can have many of their debts discharged, meaning they will be erased completely. However, in some instances, this bankruptcy may require a person to liquidate some property (though most property can be protected through special exemptions).
On the other hand, Chapter 13 bankruptcy allows an individual to create a repayment plan which will outline how that person will pay back their debts over a period of several years.
If you are considering bankruptcy, you should talk to an experienced legal advisor before making any major decisions. To learn more about how you can get out of debt and secure a fresh financial start, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman today by calling 815-722-2201.