Bankruptcy Options – Chapter 7 or Chapter 13
Macomb County Bankruptcy Law Firm Specializing in Chapter 7
Here’s the fundamental difference between Chapter 7 and Chapter 13 bankruptcy:
- Chapter 7 bankruptcy “wipes away” your debt
- Chapter 13 bankruptcy is a repayment plan for your debt
In Chapter 7 bankruptcy, you get out of paying. In Chapter 13 bankruptcy, you are stuck paying. Plus, the legal fees for a Chapter 13 bankruptcy run thousands of dollars more than a Chapter 7 bankruptcy.
To be clear, certain debt does not get wiped away in a Chapter 7 bankruptcy. You will still owe child support and student loans if you have such debts. If a person chooses to keep a car or home, and still owes money on it, they can choose to not “claim” that debt in bankruptcy, and keep the property by continuing to make the payments for it.
In Chapter 13 bankruptcy, a percentage of the total debt is repaid. This can range from 25 percent of the entire debt all the way up to 100 percent.
Chapter 7 Bankruptcy: It Is Your Best Option
The bankruptcy law firm of Jeffrey J. Randa only handles Chapter 7 bankruptcy cases. Our specialization in Chapter 7 bankruptcy benefits you immensely. We have every reason to make sure a client qualifies for Chapter 7 bankruptcy. If we have to refer a client to a Chapter 13 specialist we lose their business.
Our concentration in Chapter 7 bankruptcy ensures you get a fair chance at filing for minimal cost. Chapter 13 bankruptcy is substantially more expensive in terms of legal fees and all the money you have to pay back. A law firm that handles both Chapter 7 and Chapter 13 bankruptcy may not be as persistent to get you qualified for Chapter 7 bankruptcy as we will be.
Filing Chapter 7 bankruptcy is the better financial option. The legal fees are way less and you can be essentially debt free and on the road to rebuilding your credit within four months.
Qualifying for Chapter 7 Bankruptcy
To file for Chapter 7 bankruptcy you must meet certain qualifications based on your income. Qualifying for Chapter 7 bankruptcy means a person does not have too much income, or too much money left over at the end of the month (based on federal standards). This is a problem most clients do not have. When you call our office for your free consultation, we will go over this with you.
If your income is too high, or you just have too much money after you pay your monthly bills, you may not be eligible to file for Chapter 7 bankruptcy. In that case the only bankruptcy option available is to enter into some kind of repayment plan under Chapter 13.
Our team will do everything legally possible to get a potential client qualified for Chapter 7 bankruptcy and we have a 100 percent success rate at getting clients discharged. For nearly 25 years the staff at the Law Office of Jeffrey J. Randa have helped clients qualify for Chapter 7 bankruptcy.
A Repayment Plan with Chapter 13 Bankruptcy
In some cases, a person cannot qualify for Chapter 7 bankruptcy. In those situations, Chapter 13 bankruptcy is still a better option than some over-priced debt reduction scheme you find out about through an advertisement somewhere.
Chapter 13 cases can take up to five years to complete, and only then, after you have finished the payment plan, can you start to rebuild your credit. If our bankruptcy law firm cannot successfully qualify you for Chapter 7 bankruptcy, we will refer you to a highly qualified Chapter 13 bankruptcy specialist.
Be an informed client and make sure that any lawyer with whom you speak is doing everything possible to qualify you for Chapter 7 bankruptcy. At the Law Office of Jeffrey J. Randa, we have a 100 percent success rate qualifying clients. For more than 20 years we have assisted families and individuals get out of debt, and restore their credit.
Call Us To Hear The Difference
Anyone looking to file a bankruptcy case, or even considering it, should absolutely call around and do some homework before they decide who to hire as their bankruptcy lawyer. Nothing beats assessing a law firm’s approach and attitude like calling their office and asking some basic questions.
The professional staff at the Law Office of Jeffrey J. Randa excels at helping people just like you. We have garnered positive results for clients for more than 20 years. Yet, we understand we might not be the perfect bankruptcy law firm for everyone.
You won’t know what law firm is a good fit for you until you pick up the phone and start dialing some bankruptcy attorneys around your Michigan area. To see how we answer your questions, call (586) 228-6523. All phone calls are answered Monday through Friday, from 8:30 a.m. to 5:00 p.m.