Is Filing Chapter 7 or Chapter 13 Better

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Is Filing Chapter 7 or Chapter 13 Better?
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Chapter 7 or Chapter 13?
Wondering what type of filing will work best for
your situation. There are different types of
bankruptcy and the two best known are Chapter 7
and Chapter 13. They work in different ways,
and once you make a choice for which kind you are
filing, there is little opportunity to halt the
process. That is why it is a good idea to have a
lawyer working on your behalf with not only your
creditors but also the court system.
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Chapter 7 Bankruptcy
If you choose to file a Chapter 7 bankruptcy, you
hand over ownership to your non-exempt property
to your court-appointed bankruptcy trustee. This
person converts those items into cash to pay off
your creditors. In many cases, negotiations have
occurred that resulted in lessening the balances
owed. You can expect a meeting of creditors to
occur and about 60 days after that hearing, you
get a debt discharge and the opportunity for a
restart.
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Chapter 13 Bankruptcy
Unlike a Chapter 7 bankruptcy, there is no
court-appointed trustee that wants to sell the
debtors assets to pay off creditors. Instead,
the debtor gets the opportunity to set up payment
arrangements with their creditors that they pay
off over a three to five year payment plan. At
the end of that time, whatever is left gets
discharged.
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Galler Law, LLC
Do you need a consultation with an Atlanta
bankruptcy attorney? Galler Law has both
in-office and virtual consultations through Skype
and Zoom. For more information about our
services, call our team today at [phone]
or send us an email.
Website https//gallerlaw.com/ Email
david_at_gallerlaw.com Phone [phone]