How to Choose Which Chapter of Bankruptcy to File For

June, 2014 by Alma Abell

For most individuals, the initial category of bankruptcy you will look at is individual bankruptcy. Individual bankruptcy is generally broken down further into Chapter 7 or Chapter 13 bankruptcy. So, how do you know which one to choose?

Chapter 13 is the first one an attorney will look at. This type of bankruptcy involves restructuring, or rearranging, your debts. Your debts are placed into one total amount, and that amount is what needs to be paid. It will be split into monthly payments which are easier to afford than all the debts separately, and you will have between three and five years to pay off these debts. Visit for more details.


Your finances are a mess, you’re not able to make your mortgage payments on time, and you may even be facing a repossession. What can you do? If you’re like many people, bankruptcy may be the only option you have left. If you can’t see a way to get out of debt on your own, you may want to speak with a Bankruptcy Attorney in St. Charles MO to find out if you can file for bankruptcy. If you can, you need to figure out which type of bankruptcy you should file for.

If you don’t qualify for Chapter 13, your attorney may look at Chapter 7 bankruptcy instead. In this case, your debts will be restructured into one payment, but you will not be making monthly payments. Instead, assets will be given to a trustee, a neutral third party, who will sell them to pay off the total amount of your debts. These assets do not include the house you live in, however they can include cars, except your primary vehicle, vacation homes, boats, valuable paintings, jewelry, and anything else you own of value.

If you’re looking into the option of bankruptcy to get your finances back in order, you need to speak with a Bankruptcy Attorney in St. Charles MO. They will be able to help you figure out which chapter is the right one for you, help you with filing, represent you in court, and they can even field the collector’s calls so that you don’t have to. To find out what your options are, speak to a lawyer such as one from the Law Offices of Steven K. Brown today. Browse website for more information.

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