When filing for bankruptcy, undoubtedly, having professional legal counsel is your strongest defense. A chapter 7 or chapter 13 bankruptcy attorney will increase your chances of a successful bankruptcy case and future economic success. Although, there are some differences between what a lawyer does in Chapter 7 and Chapter 13.
Difference Between Chapter 7 and Chapter 13 Bankruptcy
Chapter 7 Bankruptcy: Liquidation Bankruptcy
This chapter of bankruptcy allows you to wipe out most of your unsecured debt and keep important investments such as your home and car. A trustee is assigned to your case, usually someone from the Department of Justice (DOJ). This person finds assets you have that can be sold to pay off your debt. Although, it is strongly advised that your bankruptcy lawyer does not serve as your trustee, but instead represents and advises your trustee.
Chapter 13 Bankruptcy: Consolidation Bankruptcy
While very similar to Chapter 7, Chapter 13 bankruptcy is advised to people whose income is too high or who have too many assets to file for Chapter 7. Specifically, debtors who file for Chapter 13 repay creditors and Chapter 7 debtors wipe out their debt.
Learn more about the differences between Chapter 7 and Chapter 13 bankruptcy.
A Chapter 7 Versus a Chapter 13 Lawyer
Secured debt= backed by property such as a home, car, etc. (mortgages, car loans, etc.)
Unsecured debt= credit cards, medical bills, personal loans
Exempted Assets= everything you own
|Chapter 7 Bankruptcy Attorney||Chapter 13 Bankruptcy Attorney|
Both a chapter 7 and chapter 13 bankruptcy attorney help to prepare your bankruptcy petition for you to file successfully on time. This includes collecting documentation (any evidence) for your case, communicating with creditors for you, and setting up your debt repayment plan. A bankruptcy lawyer also sets you up for future financial success by working with you to create better habits.
Atlanta’s Best Chapter 7 and Chapter 13 Bankruptcy Attorney
If you are drowning in debt, it is time to talk to a bankruptcy lawyer to help you decide which chapter of bankruptcy is right for you. Charles M. Clapp, founder of CMC Law in Atlanta is both a Chapter 7 and Chapter 13 bankruptcy attorney.
He has decades of experience successfully helping clients get out of debt. With patience and empathy, he will fight his hardest for what’s most important to you.
Contact CMC Law online now or call directly at 404-585-0040 for a free bankruptcy evaluation.