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If you are facing serious financial hardship and are contemplating bankruptcy, you’ll need to decide what type of bankruptcy might be best for you. Chapter 7 and Chapter 13 are the most common choices, and while they share the ultimate goals of protecting you from creditors and relieving you of your debts, the way those goals are accomplished differs greatly depending on which path you choose.
These are the basic differences between Chapter 7 and Chapter 13:
The main benefit of Chapter 7 is its ability to eliminate debt quickly and get you a fresh financial start. Consumer debts like medical bills, credit card debt, utility bills and personal loans get wiped away. On the negative side, your disposable income must be fairly low in order to qualify. And there is a chance you could lose some of your property if it doesn’t qualify for an exemption.
Chapter 13’s main benefit is that it allows you to consolidate all your debts into a single, manageable monthly payment. After three to five years, any remaining debt is wiped away. You get to keep your property and catch up on past-due house and car payments. Chapter 13’s main drawback is that you have to earn enough income to be able to make your payments under the plan.
If you are considering filing for bankruptcy, the lawyers at Gesmonde, Pietrosimone & Sgrignari, L.L.C. can help you decide whether Chapter 7 or Chapter 13 is right for you. We can also explain other available debt relief options. Call 203-745-0942 or contact us online to get in touch with our Hamden and East Haven attorneys today.
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Gesmonde, Pietrosimone & Sgrignari, L.L.C. is located in Hamden, CT and serves clients in and around North Haven, Hamden, Waterbury, Bethany, Milford, Wallingford, Prospect, Woodbridge, Northford, Madison, Beacon Falls, Branford, Cheshire, North Branford, East Haven, Naugatuck, Meriden, Ansonia and New Haven County.
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