Bankruptcy Law
Which is best? Chapter 7 or Chapter 13
So, you have come to a point in your finances that you need to discuss bankruptcy
with an attorney. The Law Office of Huey W. Spearman
has seen nearly every angle of the bankruptcy laws in the State of Georgia. You can trust our experience in this area of the law.
Chapter 7
Chapter 7 bankruptcy can wipe out your debt and give you a clean slate. You may be able to keep some of your assets under applicable bankruptcy exemption laws and gain a fresh start.
There are several things you will need to go over with us in order to make sure you fully understand this type of bankruptcy.
Talk to us about your situation and let’s see what’s right for you.
Chapter 13
Chapter 13 is basically a repayment plan to your creditors that can be anywhere from 3 – 5 years. It allows you to keep your assets and gain a fresh start. The debt itself may be paid off in full or negotiated to a lower dollar amount. To do this you have to have a regular source of income as well as some disposable income for your repayment plan.
With Chapter 13, you are able to pay your overdue payments over time. Chapter 7 makes your debt go away without paying it back. Both have advantages and disadvantages. Contact Huey Spearman and let us help you with that choice.
