When Chapter 13 is the best suited option over Chapter 7 – Columbus GA bankruptcy attorney

When Chapter 13 is the best suited option over Chapter 7 – Columbus GA bankruptcy attorney
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You must not file for Chapter 7 when you are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 bankruptcy. Only Chapter 13 lets you make up missed payments.

Chapter 13 is a better choice if you have a tax debt, student loan, or other debt that are not discharged in Chapter 7. Your Chapter 13 plan can include these debts and you can pay them off over time.

You should consider Chapter 13 when there is a sincere desire to pay off your debts, nonetheless you require the protection of the bankruptcy court to do so. This might be the case if creditors are after you, or if you just require the formal structure and deadlines the Chapter 13 process provides in order to follow through on your sincere intentions.

If you have nonexempt property that you want to retain, Chapter 13 filing is the one for you. When you file for Chapter 7 bankruptcy, you get to keep only exempt property – property that is safe from creditors under state or federal law. You must give your nonexempt property to the bankruptcy trustee, who will sell it and distribute the proceeds to your creditors.

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