Chapter 7 bankruptcy usually takes about 3-4 months and helps you (1) keep the property you want to keep and (2) get rid of the debt you want to get rid of. Our goal is that you can keep your property and get rid of the credit card debt and medical bills that are piling up without paying a single dime (0%) towards this unsecured debt. About 70-80% of the cases we file are chapter 7.
Chapter 13 usually takes either 36 or 60 months (3 or 5 years), the latter being the most popular. During that time, you will make a monthly payment to a chapter 13 trustee, who then uses that money to pay back some of, if not all, your debts. People usually file a ch. 13 for three major reasons:
Their income is higher than average for their family size or county. In this situation, the court may not allow you to file for Chapter 7.
They are very far behind on their mortgage and/or car loans. In this scenario, we put you on the 3- or 5-year payment plan to catch up on your debt.
They have substantial equity in real estate or some other asset that we won’t be protected under the bankruptcy exemptions. Bankruptcy exemptions are state laws that allow us to protect a certain amount of assets when you file bankruptcy.