You may decide to go bankrupt and feel that you have the choice between a chapter 7 or chapter 13 option. Which one that will be your option will be determined by your circumstances. Often the chapter 13 bankruptcy is referred to as the “wage earners bankruptcy”, while the chapter 7 bankruptcy has been dubbed as the “total liquidation bankruptcy”. These titles are good indicators as to what is involved in these forms of financial relief.
The chapter 7 bankruptcy brings financial closure almost immediately with its conclusion. The downside is that often those in these proceedings have to relinquish some of their property. The chapter 13 bankruptcy is ongoing and go from anywhere to three to five years. This is because those under this bankruptcy have agreed to make ongoing payments to their creditors. The good news is that by utilizing this form of bankruptcy you don’t have to forfeit your property.
While both of these options provide some viable ways to get debt under control and allow an individual to get out from under their financial burden, the laws surrounding them can be confusing. It is important to rely on the assistance of a Springboro bankruptcy attorney throughout the entire proceedings right from the filing to the conclusion.