While the outcome of Chapter 13 bankruptcy and Chapter 7 bankruptcy is ultimately the same: discharge of your debts, the journey to discharge is different between the two chapters. A Chapter 7, from start to finish is between 3-6 months. A Chapter 3 is 3-5 years. This is a big difference. So, how does your Kain & Scott attorney help to determine which chapter of bankruptcy you are eligible to file for?
There are many things that determine whether a Chapter 7 or 13 is best for your situation. The first of which is household median income. This is determined by a means test completed by your attorney. Many times when a Chapter 13 filing is recommended it is because the client is above the median household income for the state.
Another factor can be previous bankruptcy filings. If a client has previously filed a bankruptcy there are limitations and time frames that need to be considered. How much time must pass before filing another bankruptcy depends on the type of bankruptcy previously filed. Your attorney can help you to determine if enough time has passed between filings.
The next determining factor has to do with your debts and assets. If you are looking to catch up on mortgage or vehicle arrears, a Chapter 13 may be best. If you are current on your home and vehicle but drowning in unsecured consumer debts, perhaps a Chapter 7 filing is the best way to proceed.
There are a lot of factors that determine which chapter of bankruptcy is best for you to file. The easiest way to make an informed decision is to consult a Kain & Scott bankruptcy attorney today! They have filed thousands of cases –both Chapter 7 and Chapter 13. It is their job to ensure that your case, whichever chapter, is filed accurately and efficiently.
Conclusion
Kain & Scott is MN’s HIGHEST GOOGLE REVIEWED bankruptcy law firm for a reason! Read why and schedule your FREE consultation today at www.kainscott.com!
