Chapter 7 vs. Chapter 13 Bankruptcy:
Which is Right for Your Financial Situation?

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AS EXPERIENCED AKRON BANKRUPTCY LAWYERS, WE'LL MEET WITH YOU TO DETERMINE IF YOU SHOULD FILE CHAPTER 7 OR CHAPTER 13 BANRKUPTCY. READ ABOUT THE DIFFERENCES HERE, THEN CONTACT US. WE'LL USE THE BEST OPTION FOR YOUR FINANCIAL SITUATION.

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Benefits of Chapter 7 bankruptcy:

|The Chapter 7 process is quick. Most cases receive a discharge of debt in 3-6 months.

|Most “unsecured debt” can be eliminated through an official discharge.

|Most people get to keep their property.

|Creditors must stop contacting you for payment once your automatic stay is in effect.

Benefits of Chapter 13 Bankruptcy:

|Creditors must stop contacting you for payment.

|Foreclosures and evictions are stopped.

|Better interest rate on your vehicle loan.

|May wipe out 99% of your credit cards, medical bills, etc.

|Most people get to keep their property.

|Chapter 13 gives you time to pay your creditors with monthly payment plans lasting 3-5 years. After your plan, your unsecured debts are discharged.

|Most cases modify your current loans so you can afford to pay them.

Chapter 7 Bankruptcy Prerequisites:

|Must pass the Chapter 7 means test to qualify.

|Must complete a credit counseling class.

|Must meet with us so we can guide you through the process.

Chapter 13 Bankruptcy Prerequisites:

|Your “unsecured debts” and “secured debts” are within a certain range.

|Those who do not qualify for Chapter 7 bankruptcy based on their means test may qualify for Chapter 13 bankruptcy.

|You must prove that your disposable income is enough to cover living expenses and payments to creditors as outlined in a payment plan.

|You completed a credit counseling course.

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If you have questions about Chapter 7 and Chapter 13 bankruptcy in Akron, Ohio and want to know which option may work for you, contact Paolucci Law and we’ll help determine the best financial decision for you.

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