Understanding Chapter 13 Bankruptcy
Bankruptcy can be complicated and confusing, but sometimes it is the best financial option for families. Choosing the most appropriate form of bankruptcy to file for is very important. The most common kinds of bankruptcy are Chapter 7 and Chapter 13, and though they are similar, they also have subtle differences. In Chapter 7 bankruptcy, individuals secure debt relief by having some of their debts eliminated, whereas Chapter 13 allows individuals to create a re-payment plan to pay off their debts over time. Also, Chapter 13 bankruptcy can prevent a bank from foreclosing on your home.
If you are considering filing for bankruptcy, but are unsure as to which form of bankruptcy may be right for you, an experienced attorney can help make the choice more clear. Contact the Maryland bankruptcy attorneys of Chaifetz & Coyle, P.C., today at 443-546-4608 to discuss your bankruptcy options.
Benefits of Chapter 13 Bankruptcy
Many people who file for bankruptcy choose Chapter 7 bankruptcy, but this is not always the best solution for everyone. Understanding your own financial situation can help you make the right choice. Some of the reasons that people file for Chapter 13 bankruptcy include:
- Ability to keep all personal property
- Less of an impact on credit scores than Chapter 7
- Income too high to qualify for Chapter 7
Bankruptcy choices can seem confusing, but having a knowledgeable bankruptcy lawyer at your side can make understanding bankruptcy easier.
Contact Us
If you or someone you know is considering filing for bankruptcy, contact the experience Maryland bankruptcy attorneys of Chaifetz & Coyle, P.C., today at 443-546-4608.