You may want to file for bankruptcy, but you’re hoping it’s not going to be too long of a process. The truth is the bankruptcy process could take months or years depending on what kind of bankruptcy you are pursuing. By learning about the processes for different kinds of bankruptcy, you can decide which one is the best for your situation.
Chapter 7
Chapter 7 bankruptcy allows you to erase unsecured debts like credit card debt, personal loans, and medical bills. Your assets will be liquidated during this process, which can take between four and six months. If you don’t want to drag out your bankruptcy, this could be a good option for you.
Chapter 13
With Chapter 13 bankruptcy, you can retain your property if you are able to repay your debts during a three-to-five-year period. The bankruptcy will not be over until your repayment time is complete, so it’s a lot longer than the Chapter 7 process.
Choosing Between Chapter 7 and Chapter 13 Bankruptcy
Both types of bankruptcy have their pros and cons. Even though Chapter 13 may take longer, for instance, you won’t have to liquidate your assets. To determine which one to go with, it’s a good idea to contact a bankruptcy attorney for guidance and for help filing the papers with the court.
Calling Richard P. Arthur for Bankruptcy Help
Richard P. Arthur, Attorney at Law, can help you decide if bankruptcy is right for you and take you through the process. You can call 937-254-3738 for a consultation. He has nearly three decades of experience assisting clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.