Under Which Bankruptcy Chapter Should I File?


Are you planning on filing for bankruptcy? If so, you may be wondering what bankruptcy chapter to file. People can find themselves on the brink of bankruptcy for any number of reasons. Divorce, medical bills, the loss of a job, excessive use of credit and unforeseen expenses are some of the most common reasons an individual may consider bankruptcy as a viable debt relief option.

While making the decision to file can be difficult, figuring out what bankruptcy chapter to file can also present its challenges. Hiring an experienced bankruptcy lawyer will dramatically increase your chances of being able to avail yourself of the benefits offered through bankruptcy.


Chapter 7 is known as liquidation bankruptcy. In this type of bankruptcy, an individual can have his or her non-exempt assets and property liquidated by the bankruptcy trustee to help get the individual's outstanding debt repaid. Any qualifying, unsecured debt which is not able to be paid off will be discharged at the end of bankruptcy proceedings.

Not all individuals will qualify to file for Chapter 7, nor will Chapter 7 be right for every situation an individual may face. Chapter 7 is most ideal when an individual is overwhelmed by debt, lacks the income necessary to get his or her debt repaid, and does not have a lot of non-exempt assets.

Those who are having trouble keeping up with financial obligations, do not want to see their assets put at risk, and have the financial means necessary to make payments according to a negotiated schedule are advised to consider Chapter 13 as a sound bankruptcy option.


Chapter 13 is an alternative to liquidation bankruptcy. In this type of bankruptcy an individual has the option of retaining possession of his or her assets, and using a 3-5 year repayment plan to get qualifying debt discharged. In most cases, any unsecured debt which cannot be fully paid during the course of the repayment plan will be discharged after the 3-5 year time period.


Since 1987, our firm has been providing legal representation to Bedford residents and local area business owners facing all different types of financial difficulties. We understand the problems which can arise when an individual starts falling behind on his or her monetary obligations. With unwavering commitment, our firm will do everything we can to help you determine which bankruptcy chapter to file. We will also assist you in navigating the bankruptcy process to achieve the positive outcome you seek.

Contact the Law Office of Mark B. French and schedule to meet with a Bedford bankruptcy lawyer right way to discuss your legal options.

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