If you can do a Chapter 7 bankruptcy then you should probably do a Chapter 7. How’s that for a simple answer?
But it is more complicated. A lot more.
Chapter 7 can be dangerous if you don’t know what you are doing. You can lose your stuff and it is hard to “back out” of those cases. Most people who qualify to file Chapter 7 have no trouble and lose nothing – but that’s because they have good lawyers helping them. It should be simple and it should be easy. But it isn’t unless you have experience.
Chapter 13 is about paying something back on your bills, although usually only a small part of what is owed. It takes longer — between 3 to 5 years. But it can help solve a lot of problems a Chapter 7 cannot. Like saving things you might lose in a Chapter 7. It is even more complicated than Chapter 7 but can also be more rewarding.
And, sometimes, bankruptcy is just not the right tool for your problem. Even if that’s true, I’m happy to suggest other options and other services that might be able to help.
So give me a chance to explain the options for your unique situation in a free consultation.