Chapter 7 vs Chapter 13

A significant part our practice is educating clients to help them make informed decisions about debt relief. At the San Diego & Riverside County-based bankruptcy law firm of Chang & Diamond, APC, our lawyers work with clients to ensure that they understand each option and every possible outcome. To discuss whether Chapter 7 or Chapter 13 bankruptcy is best for you, contact Chang & Diamond, APC, today and schedule a free initial consultation.

Simply put, Chapter 7 bankruptcy (also known as straight bankruptcy) discharges all unsecured debt and liquidates nonexempt assets. In some cases, exemptions can be made utilized to preserve and protect your property. Chapter 7 is uncomplicated and fairly the most straightforward bankruptcy process. When you are buried in debt, facing garnishment, seizure, and creditor harassment, or fearing foreclosure or repossession of property, Chapter 7 is often the only way to stop the damage and save your credit protect your wages and property. At Chang & Diamond, APC, we realize that you have many questions and fears. You may wonder if all debt will be covered discharged, if your credit rating will be ruined forever, or if the stigma of a Chapter 7 bankruptcy declaration will haunt you for the rest of your life. Let our attorneys discuss the specifics of Chapter 7 with you and help you make to a fresh start.

Unlike Chapter 7 bankruptcy, Chapter 13 reorganizes unsecured all of your existing debt, allowing you to devise a three- to five-year payment plan to restructure your debt and achieve financial freedom. Far from making you a pariah, Chapter 13 bankruptcy may just be the smartest financial move you can make. Many of our clients have restored the health of their finances and have found economic stability. Remember, bankruptcy is nothing more that a financial strategy. If you would like to capitalize on the experience and knowledge of our bankruptcy attorneys and determine whether Chapter 7 or Chapter 13 bankruptcy is right for you, contact our San Diego & Riverside County office today and schedule a free initial consultation.