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Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy

Chapter 7 vs. Chapter 13

Queens Bankruptcy lawyer

Chapter 7 and Chapter 13 are two of the most common ways to file for individual bankruptcy in the U.S. But what are the differences between Chapter 7 and Chapter 13, and which one is right for you?

Here are some quick facts about Chapter 7 and Chapter 13 bankruptcy:

Chapter 7 bankruptcy Advantages:

  • The process is quick. Most cases receive a discharge of debt in 3-6 months
  • Most “unsecured debt” can be discharged, and many individuals get to keep their property
  • Creditors must stop contacting you for payment once an “automatic stay” is in effect

Chapter 13 Bankruptcy Advantages:

  • Creditors must stop contacting you for payment, and foreclosures/evictions are halted
  • Most individuals get to keep their property
  • You get more time to pay creditors. This is helpful if you are behind on payments and want to make them up over time. Most payment plans last 3-5 years on a monthly basis
  • Most cases involved modifying current loans so you can afford to pay them

Chapter 7 Bankruptcy Prerequisites:

  • You qualified to file for Chapter 7 after taking a means test
  • You completed a credit counseling class

Chapter 13 Bankruptcy Prerequisites:

  • Your “unsecured debts” and “secured debts” fall within a certain range. Those who do not qualify for Chapter 7 bankruptcy based on their financial situation may qualify for Chapter 13 bankruptcy
  • You can prove that your disposable income is enough to cover living expenses and payments to creditors as outlined in a payment plan
  • You completed a credit counseling class

If you have questions about Chapter 7 and Chapter 13 bankruptcy and want to know which option may work for you, contact the Law Offices of Bruce Feinstein, Esq.

Common Bankruptcy Fears

If you are still wondering whether or not bankruptcy is the best choice, consider these questions:

Answering “yes” to any of these means that bankruptcy may be a good choice for you. Filing for bankruptcy does not mean you are running away from your financial obligations, it can mean you are gaining control of your life. Consider the ways filing for bankruptcy can answer your debt questions and fears:

  • Creditors cease contacting you for payments
  • Foreclosures / evictions are stopped
  • Your wages won’t be garnished
  • Your bank accounts won’t be frozen
  • You can protect your exempt property
  • You can drastically reduce, or even eliminate your debt

Talk to a Queens bankruptcy lawyer today to see if Chapter 7 or Chapter 13 is an appropriate option for you.

If you have read about the advantages of filing for Chapter 7 or Chapter 13 bankruptcy and are still unsure if you are a good candidate, there are also alternatives to bankruptcy. The Law Offices of Brice Feinstein can go through these options with you, such as debt consolidation and debt settlement. They have years of experience defending consumers’ rights and can help you make the best choice.

Whether you decide to file for bankruptcy or take another route, Queens bankruptcy attorney Bruce Feinstein, Esq. can help you if you are defaulting on your loans, struggling with soaring debt, or experiencing creditor harassment

Receive a Free Consultation!

Call (718) 570-8034

We are a debt relief agency. We proudly help people file for bankruptcy
relief under the Bankruptcy Code.

Areas We Serve

The Law Offices of Bankruptcy Attorney Bruce Feinstein, Esq. handles cases from all over New York including: Queens, Manhattan, Brooklyn, Bronx, Nassau County and Suffolk County Long Island


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