Understanding Why And When To Declare Bankruptcy
With debt adding up and uncertainty around your financial future, filing for bankruptcy for yourself or for your business can seem like a difficult decision to make on your own. Our lead attorney, Jordan Cardwell, at The Cardwell Firm, P.A., in Little Rock, is compassionate, assertive and responsive when working with bankruptcy cases.
Filing for bankruptcy doesn’t have to be stressful or confusing. We understand the benefits of filing for bankruptcy and how to file appropriately. We are dedicated to your needs and will advise you every step of the way to help get you back on track financially after filing for bankruptcy.
Decoding The Difference Between Chapter 7 And Chapter 13 Bankruptcy
When filing for bankruptcy, you can either file for Chapter 7 or Chapter 13 as an individual or with your spouse, but knowing which to file and what the difference is between them can be confusing. Mr. Cardwell will work with you directly to help decode the differences and determine which filing best benefits you and your financial needs.
It is important to keep in mind that the biggest differences between filing for Chapter 7 or Chapter 13 bankruptcy is based on income. If your income is below a specific amount, you may be eligible to file for Chapter 7. To learn more, contact Mr. Cardwell today.
Other significant differences between Chapter 7 and Chapter 13 bankruptcy cases include:
- Chapter 7 is faster to file and complete – you can receive your discharge in a matter of months. Chapter 13 repayment plans typically take three to five years to complete, at which time you receive your discharge.
- Chapter 7 requires those who file to surrender nonexempt property to pay their debts. Chapter 13 doesn’t require you to return assets such as your home or car if you continue with your court-ordered payment plan.
- A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date you file for it; a Chapter 13 bankruptcy will remain on your credit report for seven years from the date of filing.
Call To Begin To Tackle Your Bankruptcy Case
The Cardwell Firm, P.A., is here to represent YOU. We can help you prepare your paperwork, meet all the legal requirements for your discharge and decrease any obstacles in the process. To schedule an initial consultation, call 501-800-9258 or send us an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.