Chapter 13 or Chapter 7 Bankruptcy

Is Chapter 13 or Chapter 7 Bankruptcy Right for You?

The Law Office of Kevin Mack, LLC, Handles Bankruptcy Issues

Do you need help answering the question, “Is chapter 13 or chapter 7 bankruptcy right for you?” If so, The Law Office of Kevin Mack, LLC, is here to help. Filing for liquidation is stressful for residents in and around Tiffin, Ohio. When filing for bankruptcy, there are many things to consider. Follow along to help answer this important question.

Learn the Differences Between Chapter 13 and Chapter 7 Bankruptcy

If you aren’t sure about the differences between the two forms of liquidation, you’re not alone. Residents of Tiffin, Ohio, and the surrounding areas always come to The Law Office of Kevin Mack, LLC, to learn about them. The most significant difference between the two chapters is the eligibility requirements. According to Nerdwallet.com, determining the right liquidation chapter depends on your financial situation and goals. Let’s dive into how you qualify for chapter 13 and chapter 7 bankruptcy in Tiffin, Ohio.

How Can I Qualify for Chapter 13 Bankruptcy in Tiffin, Ohio?

Some debtors in Tiffin, Ohio, make too much money to qualify for chapter 7. Therefore, chapter 13 is the only viable option for these Tiffin, Ohio, clients. Individuals should speak to The Law Office of Kevin Mack, LLC, to determine if they have sufficient income for a repayment plan. In chapter 13 liquidation, you must pay creditors all of your disposable income for three to five years. When you claim your deductions, you can use the actual cost of food, clothing, housing, utilities, and more for others.

Chapter 7 Bankruptcy Offers Some Advantages

The Law Office of Kevin Mack, LLC, notices that chapter 7 liquidation works out better than chapter 13. Chapter 7 gives individuals in and around Tiffin, Ohio, an efficient way to get out of debt quicker. Here’s how this chapter works:

Relatively Quick

This chapter usually lasts four to six months for Tiffin, Ohio, clients.

No Payment Plan

Filers do not pay into a three-to-five-year payment plan.

Debts Get Wiped Out

Filers emerge debt-free with the exception of “non-dischargeable debts.”

Property Protection

Many filers can keep their Tiffin, Ohio, property by using bankruptcy exemptions.

Keeping House or Car in Certain Situations

If filers are current on their payments and can continue making them, they can keep them as an exemption.

 

 

Do you need help answering the question, “Is chapter 13 or chapter 7 bankruptcy right for you?” If so, call The Law Office of Kevin Mack, LLC at (419) 455-9508. Please feel free to check out our Facebook page for the latest news and information. The Law Office of Kevin Mack, LLC, helps answer the question, “Is chapter 13 or chapter 7 bankruptcy right for you?”