Most people considering bankruptcy have the option to file under Chapter 7 or Chapter 13 and an experienced attorney can help them choose the type of filing that best suits their needs and matches their priorities.  Everyone's situation is unique, but generally Chapter 7 is best for someone looking for a fresh start and Chapter 13 is more appropriate for someone who wants to keep their property but restructure overwhelming debt payments.

Chapter 7:

• Pros: quick, not a repayment plan, excellent method for surrendering unwanted property

• Cons: no guarantee of ability to keep all property, income limits may apply, limited ability to negotiate more favorable terms on debts for property the person retains

Chapter 13

• Pros: keep all property if able to repay associated debts, adjust terms for nearly all debts tied to property, may reduce total amounts required to repay on tax liens, total payment depends largely on your monthly budget - not your total amount of debt

• Cons: most 13s last for 3-5 years, must commit to repay all disposable income towards your debts, debts not discharged until payment plan is complete

Both types of bankruptcy can stop wage garnishments, foreclosures, tax sales, vehicle repossessions, and pending lawsuits.  If you are facing any of these actions, contact me ASAP so we can discuss your options and come up with a plan to protect you and your property.  Timing is critical - your rights can diminish rapidly if you wait too long to file.