Bankruptcy Attorney in St. Ann MO | When is a Chapter 7 or Chapter 13 Bankruptcy the Right Option For You?

bankruptcy attorney in St. Ann MO

Filing for bankruptcy may be the best option when you can’t afford to repay your debts as it offers you substantial relief from them. It’s a way of getting out of your debts and resetting your finances. And when it comes to your options, you can opt for either a Chapter 7 or Chapter 13 bankruptcy. As Charles H. Huber, our bankruptcy attorney in St. Ann MO explains in this video, both options have very different potential consequences; hence one may be suited for a certain situation more than another.

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Which one is right for you?

Let’s look at the differences between Chapter 7 and Chapter 13 bankruptcy. It’s Charles H. Huber’s philosophy to always recommend filing for a Chapter 7 bankruptcy if the option is available to you. There are several advantages to filing a Chapter 7 bankruptcy. For one, it’s a much shorter process that typically takes four months from the time you file to the time you get your discharge. The process of filing a Chapter 13 bankruptcy, on the other hand, takes anywhere between three to five years. During this time, you would be in the control of the bankruptcy court and thus unable to make many decisions that you ordinarily do.

Filing a Chapter 7 bankruptcy

Another reason as to why you should consider filing for a Chapter 7 bankruptcy comes down to the all-important matter of cost. It’s generally cheaper to file Chapter 7 bankruptcy than Chapter 13. With Chapter 7, you will likely only need to pay a flat fee, which most which most people can afford. Comparatively, Chapter 13 bankruptcy is associated with much higher attorney fees. Plus, you will have to pay your creditors over a much longer time.
Charles Huber also advocates for Chapter 7 bankruptcy since it offers better results.  Well, provided you adhere to all the basic rules, in which case you will be in and out of bankruptcy in about four months. That means you will be able to discharge all your debts that are dischargeable within a shorter time. Best of all, you will likely succeed in keeping all of your assets. This makes Chapter 7 bankruptcy an efficient and convenient way of discharging your debt quickly. When it comes to Chapter 13, understandably, a lot can change over three years that can derail your plans.

Filing a Chapter 13 Bankruptcy

irst and foremost, Chapter 13 bankruptcy should be your go-to choice if you’ve already filed a Chapter 7 within the last eight years and are thus not eligible to file another one. You can also consider Chapter 13 bankruptcy if you have assets and properties that you risk losing if you file for Chapter 7. In this case, it may be best to consult our bankruptcy attorney in St. Ann, MO to establish your best way forward. Furthermore, certain income brackets are ineligible for Chapter 7 bankruptcy. Therefore, if you earn a high amount of income, especially if you have the money you can put into savings after paying your main living expenses, this option may not be available to you.

Consult a Bankruptcy Attorney

In the end, it’s up to you and your attorney to determine which is the best bankruptcy option for you. Bankruptcy is a serious legal decision with considerable ramifications, and thus all decisions must be made with utmost care. Do you still have questions about filing for bankruptcy? Call the bankruptcy attorney in St. Ann MO Charles Huber of Charles Huber law, on (314) 298-0305 for all your bankruptcy needs.