Is Chapter 7 Or Chapter 13 Right For You?

Chapter 7 and Chapter 13 bankruptcy offer different types of debt relief for different financial situations.

Chapter 7

Chapter 7 bankruptcy is also known as a "fresh start" bankruptcy, because it completely wipes out unsecured debt such as medical bills and credit card debt.

While many people fear they will lose all of their assets in a Chapter 7, that is not typically the case. Most people who qualify for Chapter 7 are covered by bankruptcy exemptions, meaning they get to keep most if not all of their property, including their house, their vehicle and their personal possessions.

Chapter 7 is not for everyone. It is income-based, so you have to pass a means test in order to qualify. Most people who need to file for Chapter 7 do qualify. I can thoroughly examine your situation to determine if Chapter 7 is right for you. I can provide you with guidance regarding the means test, Chapter 7 exemptions and the entire bankruptcy process.

Chapter 13

If you do not qualify for Chapter 7 bankruptcy, you may wish to consider filing for Chapter 13 bankruptcy. Chapter 13 is also known as the "wage earners plan" because it gives people who earn a steady income a chance to catch up on past-due debts and pay off creditors over a three- to five-year period.

Chapter 13 is an effective means for stopping foreclosure and catching up on mortgage payments. In a Chapter 13, past-due mortgage payments can be paid back as part of the repayment plan. Furthermore, if your house is underwater, meaning you owe more on it than its current market value, Chapter 13 will completely eliminate or reduce second and subsequent mortgages.

Talk To A Gulfport Bankruptcy Lawyer Today

Both Chapter 7 and Chapter 13 offer powerful relief from creditor actions, stopping foreclosure, wage garnishment, repossession and all forms of creditor harassment. Whether you are filing for Chapter 7 or Chapter 13, I can guide you through every step of the process.

Contact my law offices today online or by telephone at 228-865-7646 or 228-206-0408 to arrange your free initial consultation with an experienced Mississippi bankruptcy attorney.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.