Here are the benefits of filing for chapter 7 bankruptcy to chapter 13

In most bankruptcy cases, Chapter 7 makes a better fit than chapter 13. For example, Chapter 7 bankruptcy is faster, the most filer can keep most or all of their properties, and they don’t even have to repay their creditors through a 3-to-5 year repayment plan like Chapter 13. However, not everybody can qualify to file for the Chapter 7 bankruptcy, and in certain cases, it does not even provide assistance for the filers. Learn when Chapter 7 bankruptcy may be more beneficial than Chapter 13 bankruptcy.

Benefits of Chapter 7 bankruptcy

Chapter 7 bankruptcy is the most effective and efficient way of getting out of debt fast, and most potential filers prefer filing this chapter if they easily qualify. Here’s how it works –

It is comparatively faster: A typical Chapter 7 case consumes 3-6 months to complete.

There’s no lengthy repayment plan – Unlike Chapter 13, filers do not have to repay into a 3-5-year repayment plan.

Most, but not all your financial liabilities get wiped out in Chapter 7 bankruptcy – The individual filing can rise up debt-free except for specific debts, such as recent taxes, unpaid child support, and student loans. To learn more about non-dischargeable debts in Chapter 7 and Chapter 13, refer to Recovery Law Group.

You can be able to hold onto your house or personal vehicle in certain circumstances. You can also be able to hold on to your car or house providing you are current on your payments and continue making payments post the bankruptcy case, and also exempt the equity amount that you have in the property.

Who can file for Chapter 7 Bankruptcy?

Chapter 7 functions well for most people, especially those who:

Own little property

Have medical bills, personal loans, and credit card balances

Whose family income never exceeds the state median for the similar family size

You will take the Means Test to check if your income meets the requirements for this chapter. If your income stays below the average family income in your state, you will easily qualify for chapter 7 bankruptcy.

If your income shows higher than the median, you will have another scope to qualify. However, if after deducting permissible expenses, including payments for tax debts, child support, secured debts (such as car loan, or mortgage), you have income left over to make a substantial payment to your lenders (known as disposable income), you will not pass for Chapter 7 bankruptcy filing.

To learn more about the benefits of Chapter 7 bankruptcy or how to file for the same, refer to our Chapter 7 bankruptcy attorneys at Recovery Law Group at 888-297-6203.

Key Benefits Of Hiring A Bankruptcy Lawyer

If you are thinking to file for bankruptcy then you should hire a professional bankruptcy lawyer to get assistance throughout the process.  The rule and regulations governing bankruptcy law are extremely complicated. Having an experienced lawyer can help in making the process easier, faster and successful for you.  Here we are sharing some benefits of engaging bankruptcy attorney services.

·         Increase your chances to pay-off your debt

It has been found that individuals who are defending their case themselves have lower bankruptcy success rate than those representing by a lawyer. In the case of Chapter 13 bankruptcy, debtors who are represented by a lawyer have a ten-fold higher chance of succeeding than those who represent themselves.

·        Determine whether bankruptcy is right for you

When you are having tremendous debt, it becomes important to evaluate and understand all your available options. While bankruptcy may appear to be your only option, a lawyer may be able to find a better way to manage your debt without filing for bankruptcy.

·         Know which bankruptcy option is right for you

The experienced bankruptcy attorneys will analyze your financial situation and explain which bankruptcy option is better for you. There are mainly two types of personal bankruptcies that include Chapter 7 and Chapter 13 Bankruptcy. You should always research well and find the professional Bankruptcy Consultation California for your case.

·         Help to eliminate all eligible debts

Bankruptcy lawyer will be able to assist about the debts which can be dismissed and which type of bankruptcy is ideal for you. Like, an attorney can identify and eliminate debts which are beyond the statute of limitations for collections.  It allows you to save money by discharging your debts and you will have no outstanding debts when your bankruptcy is completed.

 ·        Experienced in bankruptcy cases

 When you file for bankruptcy, you should have proper knowledge of federal code and local case law.  Experienced bankruptcy lawyers have years of experience in handling cases and understanding the critical details of the process. They are familiar with current legislation, courtroom procedures and filling timeframes.

·        Time savvy option

By hiring a bankruptcy lawyer, you can save your countless hours as you don’t need to spend time on researching and reviewing bankruptcy information. In some cases, bankruptcy lawyer can identify shortcuts and smoothen out the scheduling process. Bankruptcy Consultation California from Recovery Law Group can help you to get assistance throughout the complicated procedure and keep you informed at every stage.

·         Handling all your paperwork

Filling for bankruptcy needs correct details and timely paperwork. It is necessary to have accurate  data and adequate accompanying documentation. While you will give most of the information, a lawyer can assist you in completing the paperwork and offer legal guidance on your disclosures, asset valuation, income, and costs.

·         Peace of mind

Hiring a lawyer will give you complete peace of mind and security to face any uncertainty.  You don’t need to take the burden of losing your assets, making any mistake or preparing to present in the court. Your bankruptcy lawyer will assist you and ensure that your paper work is completed appropriately. They will accompany you to creditor meetings or court.