When Chapter 13 is the most advantageous choice over Chapter 7 – Macon Georgia

When Chapter 13 is the most advantageous choice over Chapter 7 – Macon Georgia bankruptcy attorneys
Macon GA bankruptcy

You should not file for Chapter 7 when you have defaulted on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 bankruptcy. Only Chapter 13 lets you make up missed payments.

Chapter 13 is a better option when you have a tax debt, student loan, or other debt that cannot be discharged in Chapter 7. Your Chapter 13 plan can include these debts and you can pay them off over time.

You should consider Chapter 13 if there is a real desire to repay your debts, but you require the protection of the bankruptcy court to do so. This can be the case if creditors are behind you, or if you just require the formal structure and deadlines the Chapter 13 proceeding provides in order to follow through on your sincere intentions.

If you have nonexempt property that you want to retain, Chapter 13 filing is the one for you. When you file for Chapter 7 bankruptcy, you get to retain only exempt property – property that is safe from creditors under state or federal law. You have to give your nonexempt property to the bankruptcy trustee, who can sell it and distribute the proceeds to your creditors.

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Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA

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