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What You Need to Know About

Chapter 7

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What You Need to Know About

Chapter 13

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CHAPTER 13

Chapter 13 provides debtors the opportunity to reorganize and consolidate all debts into one monthly payment to creditors. In order to file for Chapter 13, the debtor must have a steady income that can cover the monthly payments. Once filed, creditors will no longer call or harass you to receive payment, as a scheduled payment plan will be in place. This is often the best option for those facing foreclosure as it can delay or stop the process.


Chapter 13 advantages:

•Unless you request it, assets will not be sold
•Foreclosure’s will be halted or stopped
•Payments can be made monthly over the span of several years
•Chapter 13 can be changed to a Chapter 7 at anytime by the debtor


Chapter 13 disadvantages:

•Debt limits
•May delay credit repair
•Pay period may not exceed five years

Bankruptcy law firm Clark & Washington, P.C. can help you choose the best option for you. Call 770.488.9320 to schedule a free consultation.

Chapter 13

$75

To Start - Total filing fee is $310 and must be paid within 60 days.

Chapter 7

$335

Filing Fee to Start. Installment Plans Available

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