Let’s face it: making the decision to file for bankruptcy in the Erlanger, Newport, Covington, KY area is not an easy one.
However, with the right legal team by your side, it doesn’t have to be a choice fraught with anxiety or uncertainty. Instead, you can feel completely informed and confident by working with an experienced attorney. Simply contact Michael L. Rice today!
As Michael L. Rice will tell you, not all bankruptcies are the same. In the Erlanger, Newport, Covington, KY area, both Chapter 7 and Chapter 13 bankruptcies have pros and cons to consider. Here are three questions to illustrate the differences between the two:
1. How long does it take to complete? With Chapter 7, three to five months. Chapter 13 can take up to three to five years.
2. What are the benefits of each? With Chapter 7, debtors can discharge most debts and start fresh quickly. By filing for Chapter 13, debtors can keep their property and catch up on their payments.
3. What are the drawbacks of each? With Chapter 7, your nonexempt property may be sold off to pay back your debt. When you file Chapter 13, due to your regular income, you’ll keep all of your property, but you’ll pay creditors an amount equal to their value for three to five years.
Want to know more? Get in touch with Erlanger, KY bankruptcy lawyer Michael L. Rice.