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Which type of bankruptcy is right for me?

If you live your life under the crushing weight of serious debt, you’ve likely considered many different forms of debt relief to help you with your problem. Hopefully, you know by now that bankruptcy is a safe, legal form of debt relief that almost anyone can take advantage of. If you are confused by the different bankruptcy options while you decide to explore bankruptcy for debt relief, you may ask, what are the the differences between the types of bankruptcy?

Most individuals seeking personal bankruptcy will only need to be concerned with Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is the most common form of bankruptcy, wherein debtors must liquidate some of their assets to pay their creditors. For a Chapter 7 filing, you will have to say goodbye to your nonexempt property, but before you get too worried, remember that many vital assets are often exempt in Texas, including houses and cars. With a Chapter 7 filing, many of your debts will be discharged.

A Chapter 13 filing does not require debtors to liquidate many of their assets, since it sees the debts repaid over time using the debtor’s own income. Some debts may be eliminated with this filing, but it is mostly a way to pay off your debts over a few years, instead of being faced with unrealistic debt repayments that you can’t possibly keep up with. For more information on the various bankruptcy filings, click here.

If you have a steady income that you believe will be enough to pay off your debts if you were just given a few more years, then Chapter 13 is likely the filing you will want to go with. If you don’t have a steady income, or you would rather not have the debt looming over you for years, and if you don’t mind parting with some of your assets, Chapter 7 is the filing for you. A bankruptcy attorney may be able to assist you in making the best choice for your circumstance.

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