The Law Office of Patricia R. Stout is a legal practice that helps clients file for Chapter 7 or Chapter 13 bankruptcy. Our goal is to provide high-quality, personalized bankruptcy assistance in a welcoming, relaxed environment. All clients receive one-on-one attention from our bankruptcy lawyer from the moment they walk in the door. Our goal is to remove the stigma from bankruptcy and help our clients decide whether declaring bankruptcy is the right decision for them.
The Difference Between Chapter 7 & Chapter 13 Bankruptcy
There are two forms of bankruptcy available to individuals or families in the United States -- Chapter 7 and Chapter 13. When you file for Chapter 7 bankruptcy, your property will be sold in order to pay your debts -- but certain forms of property are exempt. You are eligible to keep a certain amount of equity in your home and vehicle, for example. If your equity is less than the exemption amount, your home may not be sold at all.
Chapter 13 bankruptcy is considered a form of debt restructuring and is only available to people whose debts are less than a certain maximum amount. When you file for this type of bankruptcy, you get to keep all your property as long as you stick to a repayment plan determined by the court during the bankruptcy process.
Deciding which form of bankruptcy is right for you can be difficult, but our bankruptcy lawyer is here to guide you through the process. If you have low equity in your home, a Chapter 7 bankruptcy is often a better option, as it allows you to discharge unsecured debts -- such as credit card debts, medical bills, and utility bills. Contact us today for a bankruptcy consultation to find out more about the difference between Chapter 7 and Chapter 13 bankruptcy.