Chapter 7 vs. Chapter 13 Bankruptcy

Understanding the differences between Chapter 7 and Chapter 13 bankruptcy is essential for those seeking debt relief. The two types of personal bankruptcy are designed to help individuals and families restructure their finances, but they do so in different ways.

Chapter 7 is often referred to as liquidation bankruptcy because it requires debtors to surrender any nonexempt assets in exchange for a discharge of eligible debts. In contrast, Chapter 13 provides an alternate repayment plan that allows filers to pay off some or all of their outstanding obligations over time while retaining certain assets.

Both options provide financial assistance, but each carries unique pros and cons based on individual circumstances. Those considering either type should consult with a qualified bankruptcy attorney who can assess eligibility requirements and potential outcomes before making a decision.

The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start so FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706