There are two ways that you can file for bankruptcy:

Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy is also sometimes called a wage earner plan or a consolidation plan. A Chapter 13 Bankruptcy allows people to catch up on secured debts that they are behind on such as cars or houses.

Most people who want to keep their homes and cars are behind on file a Chapter 13 Bankruptcy. Under today's laws a majority of people that file can also wipe out their unsecured debt without having to pay any amount to unsecured creditors.

Approximately 75% of our clients file Chapter 13 bankruptcies. Most Chapter 13 cases are set up for either 3 or 5 years. A chapter 13 plan will allow you to make monthly payments to catch up on your secured debts while helping to alleviate other debts as well.

Chapter 7 Bankruptcy
A Chapter 7 Bankruptcy is sometimes referred to as a straight bankruptcy or liquidation. A Chapter 7 will allow certain clients to get rid of unsecured debts.

Chapter 7 bankruptcies usually last about 4 months and do not set up monthly payments. A Chapter 7 is usually best for those individuals with low income and small assets as well as large unsecured debt.

A Chapter 7 will not allow you to catch up on houses or cars if you are behind on those things.

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