What Type of Bankruptcy Should I File If I Have Assets?
If you have assets and need to file for bankruptcy, there are several different options available. Understanding the differences between them is key in determining which type of bankruptcy is best for your situation.
The most common types of bankruptcies are Chapter 7 and Chapter 13. In a Chapter 7 Bankruptcy, all of your non-exempt assets will be liquidated to pay creditors. However, if you have sufficient exempt assets that can satisfy any debts owed and still provide enough money to live on, then filing a Chapter 13 Bankruptcy may be more beneficial. With this type of filing, debtors can structure a payment plan while keeping most or all of their assets such as property or vehicles. Additionally, unlike with a Chapter 7 Bankruptcy where discharging debt typically takes 3-4 months, it may take up to five years in a Chapter 13 filing.
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 FAST!
Schedule your free consultation just today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706