Hopefully you have read our blog titled “Reasons To File a Chapter 13 bankruptcy” and you understand the many advantages of filing a Chapter 13 bankruptcy. This blog will focus on the many benefits of a Chapter 7 case, including:
• Quicker results. In comparison to a Chapter 13, which lasts 3 to 5 years, the Chapter 7 procedure is much quicker. A typical Chapter 7 case lasts 4 to 5 months.
• Elimination of unsecured debts. Medical bills, credit card debt and most loans that are not secured by collateral can generally be discharged in a Chapter 7 filing.
• Keep possession of assets. Although Chapter 7 is referred to as the “liquidation bankruptcy,” most debtors do not lose assets in their filing. Bankruptcy law provides numerous exemptions that protect important assets such as your home, car, retirement account and many other types of property. In fact, many individuals who file Chapter 7 can fully discharge their debts without losing any assets.
• Less expensive. Because a Chapter 7 case does not last as long as a Chapter 13 case, your attorney’s fees and costs are typically lower.
There are numerous other advantages offered by a Chapter 7 filing. To learn more, schedule your free initial consultation with the skilled lawyers at DeLadurantey Law Office, LLC.
The “defender of the little guy,” DeLadurantey Law Office. LLC. handles bankruptcy matters (Chapter 7 and Chapter 13) in Milwaukee, South Milwaukee, West Milwaukee, and Milwaukee County, including the municipalities of Bayside, Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Oak Creek, River Hills, Shorewood, St. Francis, Wauwatosa, West Allis, and Whitefish Bay. The firm also can handle your debt negotiations, debt relief, and mortgage loan modifications. Contact DeLadurantey Law Office, LLC by phone: (414) 377-0518. Like us on Facebook.