Understanding the Difference Between Chapter 7 & 13

Differences Between Chapter 7 & 13?

Find the best possible solution for your finances!

Debt can creep up quickly and before you know it, the thought of repaying everything you owe seems impossible. This is where bankruptcy comes in. Choosing to file can give you a fresh financial start and help you recover effectively from your debt. The key, however, is choosing the right chapter for your particular circumstances.

There is no doubt that bankruptcy law can be confusing, especially without legal assistance. At my firm, I take the time to explain viable options to my clients, walk them through every step of the process, and achieve an outcome they are satisfied with. Put my experience as a Gainesville bankruptcy lawyer to work on your behalf.

Which chapter is better suited to my circumstances?

The biggest factor that affects which chapter people choose is their current disposable income. Chapter 13 is designed for those with enough income to repay some of their debts, while Chapter 7 allows debtors to have the majority of their debts completely erased. It is also important to determine whether you have property you want to hold onto after filing; Chapter 13 generally suits individuals with valuable property worth keeping.

Chapter 7 is different than Chapter 13 because:

  • Both individuals and business entities can file
  • Disposable income must be low enough to pass the means test
  • Debt is usually discharged much quicker
  • Debtors cannot take advantage of lien stripping
  • Foreclosure and repossession is less easily avoided

You should always understand the pros and cons of both chapters before filing. Selecting the wrong chapter can cause you to waste time and even damage your finances unnecessarily.

Begin the Process with a Gainesville Bankruptcy Attorney

While debt is certainly overwhelming, the good news is that you can begin taking steps to eliminate it starting today. My firm has the resources and experience to make the filing process as effective as possible. Whether you are a college student or heading into retirement, bankruptcy may be the answer to your problems.

I look forward to making your financial goals a reality. Schedule a free consultation today and learn why debtors throughout Florida have trusted my skill and ability for the last 20+ years!

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    Roz D.

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    Melanie Melton

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    Glenn R.

  • “would recommend Attorney Cusumano to anyone - she made me feel so at ease, everything was explained to me, she walked me through it all. I didn't feel brushed over anytime.”

    Renee B.

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    Stan D.

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