Article provided by: Law Office of William Waldner
The Law Office of William W. Waldner provides a comprehensive overview of Chapter 13 and Chapter 7 bankruptcy. Chapter 7 and 13 bankruptcy proceedings vary significantly as filing Chapter 13 is considered loan reorganization rather than liquidation.
Chapter 13 is commonly known as wager earner’s plans because filers create a proposed repayment plan to debtors. With Chapter 7 bankruptcy, filers aren’t required to repay debts or lose essential assets, such as a home. Creditors and debtors work with an appointed representative to mediate repayment terms and conditions.
Chapter 13 bankruptcy can develop repayment terms and timelines that can last three to five years. Individuals filing for Chapter 13 may meet particular criteria requirements that prevent the loss of their primary residences.
Working with a bankruptcy trustee provides ample neutrality for all parties to reach agreeable terms. The Law Office of William W. Waldner will implement safeguards to protect personal property, such as motor vehicles. Having an expert lawyer providing professional representation on your behalf will ensure your best interests are put first.
Bankruptcy Chapter 13 Guide and Examples for Individuals
Businesses cannot file for Chapter 13 bankruptcy, but other options remain available for commercial operations. Filing for bankruptcy is a life-altering decision that requires careful consideration and review on your behalf. Seeking bankruptcy or financial consultations or counseling before finalizing your decision is highly recommended for people from all walks of life. Chapter 7 traditionally forgives unsecured debt amounts regardless of previous loan repayment terms issued before filing for bankruptcy.
Chapter 13 bankruptcy and Chapter 11 share similar aspects, but Chapter 11 is explicitly reserved for proprietors. If filers fail to meet the agreed-upon repayment terms or conditions, they could lose their claim to residential property, motor vehicles, and other financial assets. Chapter 13 can stop foreclosure proceedings long enough for owners to find relief from surmounting debt and unmanaged financial situations.
Chapter 13 Vs. Chapter 7 Bankruptcy: Significant Differences and Requirements
Chapter 13 doesn’t involve liquidating valuable assets in return for unsecured loan forgiveness, which is what Chapter 7 bankruptcy offers. Chapter 13 bankruptcy opens an opportunity for individuals to reorganize and restructure their financial circumstances with adjusted repayment terms. Most people prefer to file for Chapter 13, especially if they own their homes or other valuable assets.
The Law Office of William W. Waldner can explain the pros and cons of Chapter 13 and Chapter 7 bankruptcy to potential clients in more detail. Bankruptcy filers must not exceed a predetermined amount of unsecured or secured debts to get approved for debt forgiveness or loan reconsolidation. Working with an experienced bankruptcy lawyer from the Law Office of William W. Waldner can alter the course of your bankruptcy proceedings.
Fresh Start After Bankruptcy Done Right
If you are ready for a fresh start and desire bankruptcy did the right way, please reach out to us at the Law Office of William W. Waldner for a free consultation. Please dial 914-559-9500 to have our legal experts review your case details to receive our professional opinion and advice. After the free consultation, you will not face obligations or pressure to work with our firm.