Chapter 7 vs Chapter 13 Bankruptcy

1. Chapter 7 vs Chapter 13 Bankruptcy If you're in serious debt and can't keep up with repaying loans and credit card bills,  Chapter 7  and  Chapter 13 bankruptcy are the two most common programs you can use to reduce or eliminate your debt. Chapter 7 Chapter 13 Chapter referred to as a reorganization bankruptcy. Your property is not sold when you file for Chapter 13 protection, and successfully complete a court- mandated repayment plan, you may be able to keep your property. 13 bankruptcy  is Chapter 7 bankruptcy is known as a liquidation bankruptcy. Most of your property is sold and used to pay off your debts. Chapter 7 bankruptcy is generally meant for people with limited incomes who do not have the ability to pay back all or some portion of their debts. if you When Can Chapter 13 be Converted to Chapter 7? If you cannot make your payments in Chapter 13 bankruptcy, you may be able to convert to Chapter 7.When you file a Chapter 13 bankruptcy, you enter into a payment plan to repay some or all of your debts over three to five years. You keep all your property and fund your plan through your income. When Can You Convert to Chapter 7? You can convert your Chapter 13 case to Chapter 7 at any time, as long as you haven’t received a Chapter 7 bankruptcy discharge within the last eight years and otherwise meet the requirements. Contact Us If you are concerned about which chapter of bankruptcy you should file or if you are concerned about being able to make your payments under a chapter 13 bankruptcy repayment plan, Contact us phoenixfreshstartbankruptcy.com . Our experienced bankruptcy attorneys will take the time to explain your options and help you choose the right chapter of bankruptcy for you. NORTH PHOENIX OFFICE 602.598.5075 4742 N 24th St.Suite 300 Phoenix,AZ 85016 OFFICE HOURS 9:00am – 6:00pm phoenixfreshstartbankruptcy.com