A Morris County Bankruptcy Lawyer Explains Your Options
Bankruptcy is a complicated procedure with many options available to resolve your debt crisis. Even if you know the basics of Chapter 7 and Chapter 13 bankruptcy, how can you know which one will give you the best chance to eliminate your debt and get a fresh start?
Fortunately, you are not alone. You can receive guidance from a bankruptcy attorney and find out which type of bankruptcy is right for you.
Should I File for Chapter 7 Bankruptcy?
Chapter 7 is a comparatively quick form of bankruptcy that can allow you to keep all or most of what you own. You may lose some property, but if you have relatively few assets, you can get out of bankruptcy with your property intact and a chance to start over. Though Chapter 7 cannot eliminate debt from student loans and recent taxes, you can discharge much of your debt through this process. If this sounds like the type of bankruptcy you need, speak with a bankruptcy lawyer about Chapter 7.
Chapter 7 does require a means test that determines if you are eligible for this type of bankruptcy. If your income exceeds a certain amount or if you otherwise cannot pass the means test, this plan may not be right for you. Talk to a bankruptcy attorney to learn more about Chapter 7 eligibility.
Should I File for Chapter 13 Bankruptcy?
Chapter 13 may be the ideal option for some victims of debt. Chapter 13 is a long process, but it can reorganize your debts to make them more affordable. If you meet any of these criteria, you may want to consider Chapter 13 bankruptcy:
- You have significant non-dischargeable debt, such as student loans
- You are unable to keep up with a mortgage or car loan
- You want to keep a piece of property that is not legally exempt from the bankruptcy process
Other situations may make Chapter 13 the best option for you, so always speak with an attorney before filing for any type of bankruptcy.
What are Other Options in Bankruptcy?
More options exist for those declaring bankruptcy. Another option is Chapter 11, which can actually benefit individuals with significant secured debts or those who own small businesses. A bankruptcy attorney can even inform you if you can get out of debt without filing for bankruptcy.
Need to Talk to a Morris County Bankruptcy Lawyer?
At Ast & Schmidt, P.C., our Morris County bankruptcy attorneys can find the solution that is right for your debt situation. We can give you the information you need to decide what type of bankruptcy is best and can then advise you throughout the process. Help is just a phone call away, so call our office today for free attorney advice about bankruptcy.