Choosing the right bankruptcy is very important as each and everyone is different and their benefits are also different. Always consult from a professional San Diego bankruptcy attorney for you to get the best possible advice on which bankruptcy you should choose.
Chapter 7 or Chapter 13
Both chapters 7 and 13 have there pros and cons it depends on individual personal assets and liabilities that which one they should choose to file. Yes, chapter 7 is one of the most common forms of bankruptcy people choose, but chapter 13 also has many benefits which chapter 7 doesn’t have.
Also if certain conditions are satisfied, Chapter 13 bankruptcy can offer you many other additional benefits that aren’t available in Chapter 7 such as the ability to:
- Let you save your home or car which you are still paying for.
- Reduce the principal balance of your car loan.
- Help you in eliminating your second mortgage
Getting help from BLC Law Center the best San Diego bankruptcy attorney will enable you to get the best legal services.
Cases that can help to select the right bankruptcy type for you
A debtor with few assets and filling chapter 7
You got not much to lose as you already have few assets for yourself, in this case, chapter 7 is the best way to get out of debt for you. In the chapter, your assets are valued and accordingly sold to pay your creditors. Thus you can just file chapter 7 for you and settle your debts and be free. Chapter 7 is also very common among people to choose from. Our San Diego bankruptcy attorney will be able to help you file your chapter 7 bankruptcy successfully. We have the best chapter 7 lawyer in San Diego.
Employed man facing mortgage delinquency and filling chapter 13
People who are fallen behind there home payments or mortgage for them chapter 13 is the best option to choose. Chapter 13 bankruptcy allows you to make up mortgage arrears through your Chapter 13 plan. Thus file a chapter 13 bankruptcy if you are also in the same situation. They have a lot of benefits that chapter 7 bankruptcy don’t provide.
Chapter 7 filing by a person who doesn’t have a job but has assets
As told earlier in chapter 7 all of your assets will be sold and distributed accordingly. Thus filling for chapter 7 for this particular situation is not recommended as the has a lot of assets with him. Thus filing a chapter 13 bankruptcy with the help of a professional bankruptcy lawyer would be good for him.
The following are only some cases that can help you in judging which bankruptcy is best. Consult the best San Diego bankruptcy lawyer to get the best possible advice for bankruptcy.