Tuesday, February 25, 2014

Am I Eligible For Chapter 7 or Chapter 13 Bankruptcy?

At King and King, we understand that most clients have never thought about bankruptcy proceedings before. We are here to explain the processes to you, not in legalese, but in terms you can understand. When you meet with your attorney, you will discuss in greater length which chapter of bankruptcy you should file.

Filing under Chapter 7 entails a liquidation of assets, with certain exemptions, in order to discharge debts such as loans, credit cards and medical bills. A Chapter 7 case is ideal for those who qualify and who are not in need of debt reorganization.

Filing under Chapter 13 is a form of debt consolidation over a longer period of time, while protecting you from any debt collection efforts by creditors. For those who desire to reorganize debt such as a mortgage or auto loan, or who do not qualify for Chapter 7, a Chapter 13 can be an efficient means of repaying debt over 36 or 60 months.

For more information on the different bankruptcy chapters, please feel free to contact King and King for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com