Sadly, many people are struggling with debt all over America, and Studio City is not an exception. Reaching the point where you cannot pay your debts anymore is stressful. However, our experienced debt relief lawyers are here to help every Studio City resident. In times like these, you need to have the right legal advice, support, and representation, which is why our lawyers are here to help you. Let our expert lawyers at Wipe Away Debts help you with your debts.
Chapter 7 or Chapter 13: Which Should You File For?
What most do when they are not able to pay out their debts is to file for Chapter 7 or Chapter 13 bankruptcy. Each one has its pros and cons, and as your bankruptcy lawyers, one of the things we do is explain each one and advise you on which one would be best for you.
If you file for chapter 7 bankruptcy, your assets are sold to pay off your debts. Many prefer this option, as liquidation is faster and more aggressive. Your debts would be paid off quickly and won’t be taken out of your paycheck. Chapter 7 is better for those who are unemployed and cannot afford a repayment plan.
However, not everyone is eligible for chapter 7 bankruptcy filing. If your income is too high for your area, chapter 7 won’t be an option for you. This process becomes complex, but your bankruptcy lawyers at Wipe Away Debts are here to guide you through it.
The alternative is filing for Chapter 13 bankruptcy. Anyone is eligible for it, and it consists of repayment through a repayment plan. The entire process can commonly take 3-5 years. One of the most significant benefits of chapter 13 is that it stops your debt collectors from contacting you or your co-signer. You can also avoid foreclosure and avoid losing your home, unlike episode 7. If you’re employed and want to hold onto your assets, section 13 may be for you.