Washington Bankruptcy Lawyer William F. Bulchis, Inc., P.S.
If you have never filed for bankruptcy before, you may be wondering what the difference is between Chapter 7 and Chapter 13 bankruptcy.
At the law office of William F. Bulchis, Inc., P.S., we can help you understand each type under the Bankruptcy code, as well as the benefits of each and how they would apply to your specific financial situation. We always operate under the assumption that bankruptcy should be your last resort, not your first. If we can help you avoid a bankruptcy we always try to do so. Contact us today to schedule a consultation.
While both Chapter 7 and Chapter 13 bankruptcy have helped Washington clients of William F. Bulchis eliminate their debt and financially and rebuild their credit, it's important to identify the best option for you.
Below are some of the common topics individuals ask about when considering bankruptcy:
Will I be able to keep my house, car and other secured property?
Chapter 7: It is unlikely that you will have to surrender your property or items to the creditor that owns it, like your bank or loan companies as long as you make the regular required payments as is set forth in you original loan and are current with your payments.
Chapter 13: Usually, you will be allowed to keep your house or car if you can keep up with your Chapter 13 repayment plan. Also, if you have a first and second mortgage and if your home is worth less than the total you owe on the first mortgage, you may be able to strip the second mortgage. In other words, you may be able to have the court order that the second mortgage is an unsecured debt and does not have to be repaid. In fact, at the end of the Chapter 13 bankruptcy, you will no longer owe anything to the second mortgage, if you qualified and were able to strip it.
Can I discharge my child support, spousal support and school loans?
Chapter 7: Child support, alimony, school loans and other non-dischargeable debt cannot be eliminated through bankruptcy.
Chapter 13: If you do not pay off your child support, alimony, school loans or other non-dischargeable debt during your repayment plan, the remaining balances will still have to be paid
Can I file for bankruptcy if I have already filed before?
Chapter 7: You cannot file for a Chapter 7 bankruptcy within eight years of your last Chapter 7 bankruptcy. You can, however, file for Chapter 13 bankruptcy and if it has been longer than four years since your last Chapter 7 bankruptcy, you can file a Best Effort Plan that only requires a partial repayment of you unsecured debts. Even if that means that the unsecured creditors are repaid pennies on the dollar. After five years any unpaid would be discharge forever.
Lynnwood bankruptcy attorney William F. Bulchis can address the above questions more thoroughly during your free bankruptcy consultations, as well as any other inquiries you have regarding the differences.
Learn more about Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Contact William F. Bulchis Today
Do you want to know the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy? Call Lynnwood Chapter bankruptcy lawyer William F. Bulchis, Inc., P.S., today at 425-329-6587, or contact us online. We represent clients in western Washington who need assistance with Chapter 7 and 13 bankruptcy. Let us help you get a fresh financial start. Our business hours are 8 a.m. to 6 p.m. Monday through Friday.
