Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy

If you are seeking bankruptcy solutions for your consumer debt, you may find the available information confusing at best and contradictory at worst. The bankruptcy attorneys at The Law Office of George “Dave” Giddens, P.C. can help you understand different bankruptcy solutions in your case. Contact us before you file.

Your Bankruptcy Solutions

Consumer bankruptcy is typically filed under Chapter 7 bankruptcy or Chapter 13 bankruptcy. The main difference is that under Chapter 7, most of your debts will be discharged, whereas under Chapter 13, you’ll be required to pay back all or some of your debt.

Chapter 7 Bankruptcy

• A means test will determine whether you qualify for Chapter 7.
• The means test compares your income over the past 6 months with the median income in your state.
• If you qualify, a bankruptcy trustee will be appointed to oversee your case.
• You’ll recount all of your assets and debts as you continue the bankruptcy process.
• Most of your debts will be discharged and eliminated altogether.

Chapter 13 Bankruptcy

• A trustee will be appointed to represent creditors in your case.
• Your bankruptcy attorney will prepare a plan for repayment of those debts which must be repaid.
• Your three-to-five year repayment plan must be approved by the Bankruptcy Court.

The attorneys at Giddens Law Firm offer unique bankruptcy solutions for clients, not cookie-cutter fixes. Our attorneys will never force a bankruptcy solution with which you are uncomfortable. Instead, we listen to your needs and analyze your case to suggest the most viable debt solution.

Contact Giddens Law

Giddens Law is AV-rated by Martindale-Hubble®, a lawyer-peer review service. AV Preeminent is the highest possible rating under the century-old rating system, reflecting our commitment to ethics, integrity and ability. To speak with bankruptcy attorney from Giddens Law, contact us today.

For comprehensive legal services in the areas of commercial and consumer bankruptcy, business litigation, real estate foreclosures (lenders or borrowers) and more, contact us at (505) 916-8358 or toll-free at (877) 913-4892 today to speak with one of our attorneys in Albuquerque, NM.

The Firm is a debt relief agency that helps people file for bankruptcy under the bankruptcy code.