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What's the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
Find out from an attorney in Knoxville, TN
The first decision to make when filing for bankruptcy is choosing between Chapter 7 and Chapter 13 bankruptcy. It's important to determine which option is best for your specific situation. A bankruptcy lawyer from Woodside Law can help you. We assist clients with both types of individual filing in Knoxville, TN.
When you work with us, you'll get a free consultation to discuss your options. You can ask us any questions, and we'll try our best to provide helpful answers.
Make an informed decision before you file
If you want to eliminate debts as soon as possible, Chapter 7 bankruptcy might be your best option. First, you'll need to pass a means test and establish any exempt property. Then, you'll be able to surrender certain property in exchange for the forgiveness of some debts.
On the other hand, if you file for Chapter 13 bankruptcy, you'll keep all of your debts and belongings. You'll establish a new payment plan with creditors to eventually pay off all of your debts. Following your restructured payment plan can allow you to keep certain assets creditors might've otherwise seized, like your home.
Call 865-748-0520 now to speak with a bankruptcy lawyer.
