Chapter 13 Bankruptcy Lawyer | Chapter 7 vs Chapter 13
The initial step in selecting the appropriate type of bankruptcy is to be aware of the available options. A seasoned chapter 13 bankruptcy counsel at Massachusetts Bankruptcy Center assists individuals and families in determining whether chapter 7 or chapter 13 bankruptcy is the most suitable option for their financial goals. While both chapters provide debt relief, they do so in distinct manners. The purpose of Chapter 7 bankruptcy is to satisfy a variety of unsecured debts. It may be a viable alternative for individuals with modest incomes who satisfy the means test. Chapter 13 bankruptcy, on the other hand, allows individuals with a consistent income to restructure their debts through a repayment plan that has been approved by the court. This plan typically lasts for a period of three to five years. This alternative can assist householders in avoiding foreclosure, safeguarding valuable assets that may otherwise be at risk, and compensating for missed mortgage payments. An experienced foreclosure attorney can provide an explanation of how Chapter 13 can assist you in maintaining your residence while establishing affordable monthly payments. We offer a variety of services, including Chapter 13 bankruptcy, foreclosure defense, wage garnishment protection, creditor harassment relief, repayment plan formulation, emergency bankruptcy filing, and dedicated bankruptcy representation. We are committed to assisting you in identifying the appropriate legal solution for a more prosperous financial future, whether you require a knowledgeable foreclosure lawyer or a seasoned chapter 13 bankruptcy attorney.