Press Release (ePRNews.com) - APPLETON, Wis. - Jun 20, 2017 - Bankruptcy Lawyer Appleton WI Helbing Law
Unfortunately, there may come a time in your life when you have to contemplate bankruptcy. You do have choices – usually they are Chapter 7 or Chapter 13. Here will briefly examine chapter 7 and the advantages for this choice.
Even though it is possible to lose property under Chapter 7, but most clients do not. However, if a client does end up having to lose some of their property, the client will usually be allowed to keep their home, vehicle, and most other necessities..
The time period for completion of a standard Chapter 7 bankruptcy is usually between three and six months, a much shorter time period than the three to five years it can take for a Chapter 13 Bankruptcy.
With a Chapter 7 bankruptcy, in three to six months, you can have a diversity of debts such as medical, loans, and credit card debts discharged. This simply means that that you do not have to pay them. You can start restoring your finances and rebuilding your credit faster than you could with a Chapter 13 bankruptcy. Also, as soon as your bankruptcy is filed, collectors will stop calling.
In terms of expense, a Chapter 7 bankruptcy is normally cheaper in the long run, although it is more expensive up-front than a Chapter 13 bankruptcy. To determine what direction you should go bankruptcy lawyer Appleton WI Helbing Law (http://www.helbinglaw.com/Practice-Areas/The-Bankruptcy-P…) is ready to help.
It is important to remember that you may not be eligible for a Chapter 7 bankruptcy. And that in some situations, a Chapter 13 bankruptcy may work better for you. Each bankruptcy case is different. It is wise to speak with an experienced bankruptcy attorney before determining which bankruptcy choice is right for you. It is also important to know that some debts that cannot be discharged through either type of bankruptcy. This includes debts such as child support obligations, student loan debt (usually) and specific tax debts.
When you’re facing the prospect of filing, bankruptcy lawyer (http://www.helbinglaw.com/) Appleton WI Helbing Law can help you decide which option is best for your circumstance.