There are many differences between Chapter 7 and Chapter 13 bankruptcy cases. Yet, ultimately both chapters of the Bankruptcy Code are designed to give individuals a fresh financial start and freedom from overwhelming debts. Since the outcome of a bankruptcy discharge is the same, how do you decide which type of bankruptcy to file and whether you need the help of a Minnesota bankruptcy attorney?
5 Factors to Consider When Making the Decision
When deciding whether to file for Chapter 7 relief or Chapter 13 bankruptcy protection, it is important to consider:
- How much of your property would be non-exempt and taken to satisfy debts in a Chapter 7 proceeding.
- Whether you are earning a regular wage and can commit to a 3-5 year repayment plan pursuant to Chapter 13.
- Your short term financial and personal goals.
- Your long term financial and personal goals.
- The advice of an experienced Minnesota bankruptcy lawyer.
Contact an Experienced Minnesota Bankruptcy Attorney to Learn More
If you are in debt, see no way out, and are suffering from the stress of your financial situation, it’s important to contact a Minnesota debt relief lawyer as soon as possible. Not only will a Minneapolis bankruptcy lawyer be able to help you understand the differences between Chapter 7 and 13, but a lawyer may also be able to suggest other options that may work for your situation.
To learn more, please call our Minnesota bankruptcy law firm at MN (952) 920-1001 or AZ (480) 207-2203, and please read our free book: What You Need to Know About Filing Bankruptcy in Minnesota.