Should You File Chapter 7 or Chapter 13?

Bankruptcy Allen TXShould you file Chapter 7 or Chapter 13?

Some people do not know the difference and it is important to make the right choice. There are certain factors you should consider: household income, the value of your assets and total debt on secured loans. Chapter 7 is a liquidation bankruptcy. It is a good choice if you have high debt, not enough income, you owe the IRS or you do not have a lot of valuable property. Chapter 13 is a financial plan for individuals. It is a good choice if can make monthly payments, owe a lot of IRS taxes or if you are behind on house/car payments and want to prevent foreclosure. Filing for bankruptcy can be difficult so you need the right bankruptcy attorney.

Collins & Arnove | Bankruptcy Allen TX | 972-516-4255