Getting Your Finances Back On Track
Managing your finances can cause major stress. When you’re trying to get ahead, your past may create obstacles. If you are having trouble paying your bills, talking with an attorney about your bankruptcy options is the best option. Taibi & Associates has helped clients throughout Southern California get their life back on track. Let us help you when it matters most.
Chapter 7 vs. Chapter 13: What You Need To Know
The most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 bankruptcy allows you to eliminate most of your debt and start over with a clean slate. While this can be extremely helpful, there are some drawbacks. For example, your assets will be sold in order to pay your creditors. This means giving up your belongings and taking a huge hit on your credit score. On the upside, Chapter 7 bankruptcy allows you to keep certain assets such as your home.
Chapter 13 bankruptcy does not require you to sell your assets to pay off creditors. Instead, a payment plan is created in order to gradually eradicate your debt. The payment plan spreads over a period of three to five years, allowing you to pay off debts in installments. The guidelines for Chapter 13 bankruptcy are strict and must be followed. This would also mean that collection companies can no longer call you for payments, which is often irritating and frustrating.
Call Today To Discuss Your Case
We can discuss your situation and determine what is in your best interest. Our knowledgeable attorneys are here to answer your questions every step of the way. To schedule a consultation, call our office in San Diego at 619-354-1798 or fill out our contact form.