Chapter 7 or Chapter 13?

Chapter 7 or Chapter 13 Bankruptcy?

Which is Right for Me?

When faced with serious financial problems. It may be time to consider a fresh start through legal options like bankruptcy. Michael E. Plummer & Associates has helped tens of thousands of people throughout Ohio and Kentucky area over the last 25 years.

Chapter 7 vs. Chapter 13 Bankruptcy

In order to qualify for Chapter 7 bankruptcy, you must first pass what is known as the “means test.” In order to pass the means test, generally speaking, your household income must be under the median income of your state. If you cannot pass the means test, you will still be able to file Chapter 13 bankruptcy. In addition, you must take a short online credit counseling classes before you can file Chapter 7. Once we have determined what kind of bankruptcy relief you are eligible for, we will prepare your bankruptcy petition.


Chapter 7 Bankruptcy

Your bankruptcy petition will include a list of your creditors, the amounts you owe, your income, your property and your monthly expenses. A bankruptcy trustee will be appointed to your case and will liquidate, or sell, any non-exempt assets you own*. Many people are worried about losing property in bankruptcy. Our lawyers will go over your assets to determine whether or not any of your property is subject to liquidation.

After you file the bankruptcy petition, your creditors will have a chance to object to the discharge of certain debts. If there are no objections, and as a practical matter, there are rarely objections, you will receive your discharge. Once you receive your discharge, your bankruptcy will be complete. When you receive your bankruptcy discharge, your unsecured creditors can no longer seek payment for your debt. LEARN MORE ABOUT CHAPTER 7>

*We will analyze your assets and available exemptions before filing the case to eliminate any surprises.

Chapter 13 Bankruptcy

If you own a home or other substantial assets that you could be forced to give up in a Chapter 7 bankruptcy, Chapter 13 bankruptcy may help you get relief from crushing debt problems. Chapter 13 bankruptcy offers people a measure of flexibility that is not available in Chapter 7. The reorganization of your debts in a Chapter 13 can help pay income or property taxes owed, catch up on mortgage or car payments, and possibly provide a better interest rate for your car loan.

We are the law firm of Michael E. Plummer & Associates. From our office in Covington, we help people across the Tri-State area seek bankruptcy relief. Contact our law firm to learn more about your options. LEARN MORE ABOUT CHAPTER 13>