Deciding Which Bankruptcy Chapter Is Best for You
Although you have likely heard the terms "Chapter 7 bankruptcy" and "Chapter 13 bankruptcy" before, you may still have questions about which one is the better choice for you.
At the Law Office of Weiss & Schmidgall, P.C., in Merrillville, Indiana, our goal is to help clients answer this question and find a fresh financial start. Our Merrillville Chapter 7 and 13 attorneys handle consumer bankruptcy in Lake and Porter counties of Indiana, including those cities as far away as South Bend and Lafayette.
For Which Chapter Do You Qualify?
The type of bankruptcy that is right for you will often depend on which one you are eligible to file. In order to file for Chapter 7, you must pass the financial means test, which measures your income against the state median. If you do not qualify to file for Chapter 7, don't worry, you will nearly always be able to file for Chapter 13 instead.
Which Chapter Meets Your Needs?
Even when individuals qualify for Chapter 7, some still choose to file for Chapter 13. This is because under Chapter 13, you can often:
- Protect more property. If you want to keep nonexempt assets, Chapter 13 is the way to go.
- Strip off second mortgages. Chapter 13 allows many people to eliminate junior liens and second mortgages on their homes.
- Repay taxes. Although IRS tax debts are generally nondischargeable, Chapter 13 can help you create an interest-free repayment plan.
Explore Your Options by Contacting Our NW Indiana Chapter 13 Attorneys
To learn more about choosing between Chapter 7 and Chapter 13, call 866-858-4901 to discuss your debt problems with an experienced bankruptcy lawyer in a free initial consultation. We offer flexible payment plans for bankruptcy matters starting for as little as $100 down. Day, evening and Saturday appointments are available; contact us today to schedule your consultation.
We are a Debt Relief Agency, We Help People File For Bankruptcy Relief Under the Bankruptcy Code.
