A Fort Worth bankruptcy attorney can help you with your bankruptcy case, particularly in deciding what kind of personal bankruptcy you should be filing. Among other things, a Fort Worth bankruptcy attorney should know all the different kinds of bankruptcy, including chapter 11 bankruptcy, chapter 12 bankruptcy, chapter 7 personal bankruptcy, and chapter 13 personal bankruptcy. Given that you are an individual and filing for personal bankruptcy, you and your Fort Worth bankruptcy attorney do not need to bother with chapter 11 bankruptcy and chapter 12 bankruptcy as they concern farmers and businesses.
You need to choose between filing for chapter 7 personal bankruptcy and filing for chapter 13 personal bankruptcy. Sometimes called straight bankruptcy or liquidation bankruptcy, chapter 7 personal bankruptcy sees a trustee appointed by a bankruptcy court helping you liquidate your nonexempt personal property in order to help pay back your creditors. This is the quickest type of bankruptcy and you generally see a discharge within months.
Chapter 13 personal bankruptcy reorganizes your debts into a three to five year repayment plan. While this type of bankruptcy takes years for you to receive a discharge, you do get to keep most of your nonexempt personal property. Other advantages chapter 13 has over chapter 7 include that it costs less to file for chapter 13.
In addition, a chapter 7 personal bankruptcy will stay on your credit report for 10 years. A chapter 13 personal bankruptcy will stay on your credit report for 7 years. Which you should choose depends upon the specifics of your bankruptcy case and your financial situation.
At any time during your bankruptcy case, provided you are eligible for both, you can switch from chapter 7 personal bankruptcy to chapter 13 personal bankruptcy or switch from chapter 13 personal bankruptcy to chapter 7 personal bankruptcy.
For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.