One of the things that Fort Wayne bankruptcy attorneys can help you with is deciding what kind of personal bankruptcy you should be filing for. As Fort Wayne bankruptcy attorneys know, there are multiple 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, you will be filing for personal bankruptcy, and, therefore, do not need to concern yourself with chapter 11 bankruptcy or chapter 12 bankruptcy. They concern farmers and businesses.
You and your Fort Wayne bankruptcy attorneys need only concern yourselves with chapter 7 personal bankruptcy and chapter 13 personal bankruptcy. Sometimes called straight bankruptcy, chapter 7 personal bankruptcy sees a trustee appointed by the bankruptcy court helping you liquidate your nonexempt personal property in order to use that cash to help repay your creditors. This is generally the quickest method of bankruptcy and sees you receiving a bankruptcy discharge within months.
However, a chapter 7 personal bankruptcy stays on your credit report for 10 years. It can also be difficult to become eligible for it. You must take a means test and show that your average monthly income is lower or the same as the average monthly income for the state in which you are filing personal bankruptcy. However, if you are ineligible for chapter 7 personal bankruptcy, chapter 13 personal bankruptcy becomes an option.
Chapter 13 personal bankruptcy reorganizes your debts into a three to five year repayment plan. While this kind of bankruptcy generally takes years for you to receive a discharge, you get to keep most of your nonexempt personal property. Also, a chapter 13 personal bankruptcy will only stay on your credit report for 7 years.
Your Fort Wayne bankruptcy attorneys will know which type of bankruptcy you should be filing for after considering all the specifics of your bankruptcy case.
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.