subject: Is Chapter 7 Or 13 Bankruptcy The Right One For Me? [print this page] If your financial dilemma is no longer within your capabilities to solve, then filing for bankruptcy might be a better option for you. Bankruptcy is a very tedious process that any overdrawn individual has to go through. Aside from the sad fact that you might face foreclosure of your properties, bankruptcy is a very devastating experience, emotionally and morally to a person as it could even affect the whole family. And as such, if you are in a crossroad regarding your financial difficulties, then you better hire a reliable bankruptcy attorney.
The process of filing for bankruptcy entails a complicated course of action. You need to understand that there are various steps to take and several kinds of bankruptcy to choose that will be appropriate for your own circumstances. In the United States Code, there are six different types of bankruptcy, and these are Chapters 7, 9, 11, 12, 13, and 15. In these types, Chapter 7 and 13 are the most common of bankruptcies for individuals. Therefore, for your situation, it is a matter of choosing between Chapter 7 or Chapter 13 and the best person to help you assess the matter is your bankruptcy attorney.
To give you an overview, let us discuss the two kinds of bankruptcies that will suit your circumstances as an individual. Chapter 7 bankruptcy is an option provided to a person who has no means to repay the debt. Usually, creditors request for liquidation of the debtor's assets as ramification of the non-payment. Chapter 13 on the other hand is the rehabilitation of the debt by providing the debtor a chance to repay his creditors through various methods approved by the court.
If you are still indecisive on which of these two kinds of bankruptcy will fit your need, you bankruptcy attorney will guide you to the right path. That is why; it is very essential for you to go through bankruptcy with a reliable and efficient person by your side, your bankruptcy attorney.
