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Understanding the Difference Between Chapter 7 and Chapter 13 Bankruptcy

What you need to know before you file for Chapter 7 or Chapter 13 bankruptcy

Living with overwhelming debt is like a nightmare that never ends. Once you have fallen behind on bills, it is very difficult to catch up. The truth is that filing for bankruptcy can offer you a way to get out from under the burden of debt and start over. With several types of bankruptcy available, how do you choose? At the Law Offices of Michael Jay Berger, I have more than 30 years of experience helping people like you understand the differences between Chapter 7 and Chapter 13 bankruptcy. My  attorneys are understanding, compassionate and honest, helping you choose the option that is right for your circumstance.

The benefits of Chapter 7

Chapter 7 bankruptcy is sometimes referred to as straight bankruptcy — it involves discharging, or wiping out, unsecured debt. This form of bankruptcy allows you to:

  • Eliminate unsecured debt. This includes credit card bills, advances on paychecks, utility bills and personal signature loans.
  • Obtain debt relief faster. It typically takes between three and four months to receive your discharge of debts from the bankruptcy court.
  • Keep your assets. State exemption laws make it possible to file for bankruptcy without losing all of your possessions.
  • Avoid monthly payments. By discharging your debt instead of restructuring it, you are not tied to monthly payments to the trustee of your bankruptcy estate.

No decision is without consequence, so it is important to consult with an attorney who can explain Chapter 7 vs. Chapter 13 bankruptcy. My attorneys have handled hundreds of Chapter 7 bankruptcy proceedings. We explain the benefits and risks and help you protect your rights and your assets.

The benefits of Chapter 13

Chapter 13 allows you to consolidate your debt and pay a single monthly payment over a three- to five-year period. There are numerous benefits of filing this way. You can:

  • Consolidate secured and unsecured debt
  • Delay or avoid foreclosure
  • Stop creditor harassment
  • Protect co-signers
  • Demonstrate responsibility to your creditors

If you are considering filing for Chapter 13 bankruptcy, call me. I understand how stressful it is to be in this situation. My experienced attorneys will help you move toward a debt-free future.

Take the first steps toward a fresh start by contacting my firm today

When you are in dire financial straits, you need a bankruptcy attorney who knows the law, knows the system and knows you. Located in the heart of downtown Beverly Hills, I provide a wide range of services for individuals and families suffering from the weight of excessive debt. Call the Law Offices of Michael Jay Berger at 310-271-6223 or contact me online to schedule a free consultation.


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