Chapter 7 vs. Chapter 13 Bankruptcy
Filing for bankruptcy can be a difficult decision, but it may be the best move to make if you are facing mounting debt. How you choose to file is just as important as making the decision to file. For those considering bankruptcy, two of the most popular options are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy allows debtors to liquidate their assets in order to pay off creditors and discharge remaining debt. This process can take up to six months, though it may be quicker if there are few assets involved or if a trustee does not need to get involved in proceedings. On the other hand, Chapter 13 requires a payment plan over three-five years that must be approved by both creditors and the courts. During this time period, debtors will have some of their debts discharged when payments are complete.
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 it to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706