Which is Better for You? Chapter 7 or Chapter 13?
Most people obtain the most debt relief from a Chapter 7. However, rules passed in October 2005 made it more difficult for people with high incomes or many assets to qualify for a Chapter 7. As a result, many people think that they automatically do not qualify for a Chapter 7 bankruptcy simply because they have assets with high values or a high income. But it is not that simple. Even if you have a high income or a relatively high number of valuable assets, you may still qualify for Chapter 7.
That said, there are situations where Chapter 13 is the better option. For example, if you are behind on your mortgage payments and want to save your home, or if you owe income taxes, you may have to file a Chapter 13. Also, some people with high incomes or high net worth may want to file a Chapter 13 in order to preserve their income and assets while paying some or all of their debts in an orderly fashion.
At the Law Offices of James W. McNeilly, Jr. LLC, our attorneys are highly experienced bankruptcy lawyers. We have helped hundreds of individuals obtain debt relief and a new financial start. We understand the complex rules that govern asset exemption, eligibility for Chapter 7 and Chapter 13 bankruptcy and which Chapter is the best option for which client. We will work to help you find the appropriate Chapter to obtain the most debt relief while protecting as many of your assets as possible.
If you are burdened by debt and overdue bills, we can help you. Call us at 608.782.4262 in the La Crosse area, and 262.843.3400 in the Kenosha area, or send us an e-mail to arrange for a free consultation.
Chapter 7 and Chapter 13 Bankruptcy for Consumers
A Chapter 7 bankruptcy allows you to eliminate most, if not all, of your unsecured debts. You are almost always allowed to keep your home, your vehicles and your personal property. Even if you have a high income or a high net worth, you may be able to file a Chapter 7. The Law Offices of James W. McNeilly, Jr. LLC has helped many people with higher incomes and asset levels qualify for Chapter 7.
A Chapter 13 bankruptcy provides relief from unsecured debts and a payment plan for secured debts. Generally speaking, it is for people whose incomes exceed the guidelines, have assets they wish to protect, such as a home or business, or people who want to save their home from foreclosure.
Chapter 7 and Chapter 13 Bankruptcy for Small Business Owners
Rather than using the more costly Chapter 11 process, small business owners may qualify for Chapter 13 or Chapter 7 bankruptcy. Even with a Chapter 7, it may still be possible to retain most or all of your business assets.
Bankruptcy does not have to be frightening process. We have helped many small business owners obtain debt relief while preserving their personal and business assets. We want to help you regain your financial health and make a new beginning.
Call Today to Speak with a Bankruptcy Lawyer
For a free initial consultation with the Law Offices of James W. McNeilly, Jr. LLC, call 608.782.4262 in the La Crosse area, and 262.843.3400 in the Kenosha area, or send us an e-mail.
Our firm serves clients throughout Western and Southeastern Wisconsin.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
