You have the option of filing for Chapter 7 or Chapter 13 bankruptcy. However, many people prefer Chapter 7 bankruptcy. There are several benefits you can reap by filing for Chapter 7 bankruptcy.
Give You a Fresh Start
Both Chapter 7 and Chapter 13 bankruptcy will allow you to get rid of most of your debt. However, you can get through Chapter 7 bankruptcy in just a few months, whereas Chapter 13 bankruptcy can take three to five years. You will be able to get a fresh financial start.
Delay a Foreclosure
If you are getting ready to lose your home, then you may be able to get save it by filing for bankruptcy. You can stop foreclosure when you file for Chapter 7 bankruptcy. Keep in mind that this will only last a few months. However, you may only need a few months to catch up on the payments. Your Chapter 7 bankruptcy law attorney in Tulsa, OK can help you keep your home.
No Repayment Plan
Chapter 13 bankruptcy allows you to restructure your payments so that you can get out of debt. However, you will not have to make any payments when you file for Chapter 7 bankruptcy.
No Limit on the Amount of Debt
There are debt limits that apply if you file for Chapter 13 bankruptcy. However, there are no debt limits if you file for Chapter 7 bankruptcy.
If you need a Chapter 7 bankruptcy law attorney in Tulsa, OK, contact Matthew E. Riggin, PLLC.
