Individuals who are considering filing for bankruptcy to restructure their
financial situations often want to know what differentiates Chapter 7 from
Chapter 13 bankruptcy proceedings. Considered the simplest form of bankruptcy
protection, Chapter 7 liquidates and redistributes the filer’s assets, which may
include property, in order to pay off creditors. The end result is a reduction
in, or elimination of, debt for the client, which can lead to financial peace of
mind as well as an end to collections proceedings from debt recovery agencies.
Because of the possibility of losing property, clients owning homes or land may
opt for Chapter 13 bankruptcy, which offers more protection for individuals who
own a greater amount of assets. To file for Chapter 13, clients must have a
steady monthly income and be capable of repaying a certain percentage of the
debt.
An attorney with over 21 years in the practice of law, Patrick
Cordero runs his practice out of Miami, Florida. The Law Offices of Patrick
Cordero is the largest bankruptcy filer in the state of Florida, and has helped
thousands of individuals regain their financial security.
financial situations often want to know what differentiates Chapter 7 from
Chapter 13 bankruptcy proceedings. Considered the simplest form of bankruptcy
protection, Chapter 7 liquidates and redistributes the filer’s assets, which may
include property, in order to pay off creditors. The end result is a reduction
in, or elimination of, debt for the client, which can lead to financial peace of
mind as well as an end to collections proceedings from debt recovery agencies.
Because of the possibility of losing property, clients owning homes or land may
opt for Chapter 13 bankruptcy, which offers more protection for individuals who
own a greater amount of assets. To file for Chapter 13, clients must have a
steady monthly income and be capable of repaying a certain percentage of the
debt.
An attorney with over 21 years in the practice of law, Patrick
Cordero runs his practice out of Miami, Florida. The Law Offices of Patrick
Cordero is the largest bankruptcy filer in the state of Florida, and has helped
thousands of individuals regain their financial security.
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