An Atlanta bankruptcy attorney has faced the question many times from clients, “Which filing is more beneficial: Chapter 7 or Chapter 13 bankruptcy. The correct answer can be complicated, but there are a few key factors to think about first. An Atlanta bankruptcy attorney will tell you that while Chapter 7 is more advantageous on the regular, there is a chance you won’t qualify due to facts like your income. Sometimes to come to a conclusion, you must complete what is known as a means test.
Some advantages to filing Chapter 7 include:
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Chapter 7 is often a faster road to debt relief. (Usual case lasting between 90 and 180 days.)- Chapter 7 cases more times than not are able to hang on to a good portion of their assets. (Examples of debt that can’t be eliminated under this filing include child support payments and student loans.)
- Those filing under Chapter 7 see some of their debts wiped clean without repayment.
Yet, as mentioned above, if your income is above a certain level indicated on the means test, Chapter 13 is going to be your only alternative. With Chapter 13 it’s all about arranging a repayment plan with creditors that you can reasonably meet on time. The court will take into consideration the money you’ll need to get by in daily life, so be honest about your financial situation and don’t accept a repayment plan that asks more than you have to offer.
There are real benefits to filing Chapter 7 over Chapter 13, but it’s all about if you qualify for the former. An Atlanta bankruptcy attorney with your best interests at heart will sit down with you and go over every detail of what both Chapter 7 and Chapter 13 entail. Even though Chapter 13 may not seem the most appealing, it may be the best route for you. Call an Atlanta bankruptcy attorney today and remove all the guesswork. This is definitely something you don’t want to tackle alone.
