Which Type Of Bankruptcy Is Right For Me?
Many people who are considering bankruptcy ask, “Which bankruptcy chapter is right for me?”
Attorneys hear questions all the time about chapters and bankruptcy, like “What is Chapter 7?” and “What does Chapter 11 mean?”, and they can help someone choose the option that best fits their situation. Chapter 7 bankruptcy tends to be a quicker overall process to eliminate your debts and give you a fresh start, while Chapter 13 bankruptcy tends to allow time for you to make payments on a bankruptcy plan.
Chapter 13 bankruptcies may allow you keep some larger assets, such as your home, while you make these payments. If back taxes are an issue, Chapter 13 may be a way to avoid many unnecessary fees and interest charges.
If you have a complex situation and are asking yourself which chapter of bankruptcy is the best option, one of the best things you can do is to call an attorney.
Chapter 13 bankruptcy may be an option for you, and an attorney that is experienced in bankruptcies can help you decide which chapter is your best solution.
In this video, Anthony Albertazzi talks about some of the situations that might occur where Chapter 13 is the smartest option: When to file Chapter 13 Bankruptcy.
One common situation where this might be the right chapter for you is if you owe a lot of back taxes. Those might not go away with just a regular bankruptcy.
Another instance where this type of bankruptcy might work is if you owe past-due payments on a home or some other large item you’d like to keep. You may not be able to work out payments in a normal bankruptcy.
A third example is when you’d like to file bankruptcy, but you have assets that are not exempt in a bankruptcy. Perhaps you have a home with a lot of equity in it, and you wouldn’t qualify for Oregon’s homestead exemption.
All of these situations could be made sense of with the help of an experienced attorney. If you need guidance on a bankruptcy matter here in Central Oregon, and are confused about what chapter may be best for you, call us today at 541-317-0231.
Chapter 11 bankruptcy is not something we commonly think of as an option for individuals, but it may be your best solution.
Chapter 11 could make the most sense for your situation if you have high income or a lot of debt. In this video below, Anthony Albertazzi discusses some instances where this chapter might be the right choice: When to file Chapter 11 Bankruptcy.
When most people think of Chapter 11 bankruptcy, they think of something that Donald Trump would do for one of his hotels, or an airline going bankrupt. While it’s not very common at all, there are certain situations where this might work for individuals that make a lot of money or owe back taxes where Chapter 13 would not help them.
Our firm has worked with a lot of these cases, and we’ve had some great results. If you’re considering filing for bankruptcy and you have questions about which option makes the most sense, call us for a consultation today. Bankruptcy consultations are free at Albertazzi Law Firm, dial 541-317-0231 to get the answers you need!