Why is Chapter 7 Straight Bankruptcy Best for Me?

chapter 7 bankruptcyAre you dealing with bankruptcy? The bankruptcy attorneys in Mobile AL at Loris Law Firm may be able to help. More often than not, Chapter 7 bankruptcy is a better choice to file than Chapter 13 bankruptcy. Chapter 7 bankruptcy is an efficient and fast way to remove debt from your life and is the most preferred method of filing for bankruptcy for the following reasons: lack of payment plan, speediness, protection of property, removal of most debts. Chapter 7 does not take as long to file when compared to Chapter 13. Further, many individuals who file chapter 7 are able to retain the majority of their property. Filers of chapter 7 are not required to pay creditors through a three to five year payment plan, which is a requirement of chapter 13 bankruptcy filers.

Chapter 7 is a bankruptcy that liquidates the majority of a filer’s general unsecured debts including medical bills and credit cards, without requiring that the filer pay the balances. Further, when an individual files for chapter 7 bankruptcy an order is put out known as an automatic stay that places an immediate stop on the collection efforts of creditors.Individuals who have low incomes with a small amount of assets are typically best served by filing chapter 7 bankruptcy. Chapter 7 can also apply to individuals whose assets are not more than the debt that they have incurred. The choices that must be made during filing for bankruptcy may be difficult or confusing.If you would like to learn more about filing for bankruptcy and what may be the best route for you, please contact our bankruptcy attorneys in Mobile AL at the Loris Law Firm. We look forward to speaking with you and assisting you with any concerns or questions you may have regarding your bankruptcy filing.