Ventura Bankruptcy Lawyer

What Chapter is Best for Me?

The bankruptcy chapter that is best for you depends solely on your current financial circumstances. If you do not have disposable income and do not possess substantial property or assets, then Chapter 7 may be the best fit for you needs. In filing for Chapter 7, you will place your non-exempt assets into the hands of a bankruptcy trustee who will liquidate (or sell) those assets. The proceeds of the sale will then be used to pay your creditors in order of priority. Property exemptions may allow you to protect some, or all, of your assets from the liquidation process.

If you are currently employed, have disposable income, and possess property and assets that you are not willing to part with, then Chapter 13 will be the better option for you. Rather than liquidating your assets, you will formulate a payment plan that provides for the repayment of debts over time. It is important to note that Chapter 13 can take longer to complete than Chapter 7. While Chapter 7 can be completed in as little as a few months, a Chapter 13 payment plan may take three to five years. However, choosing Chapter 13 will allow you to keep all of the assets and property that you value. A Ventura bankruptcy lawyer can review your financial situation with you to help you determine whether you should proceed with Chapter 7 or Chapter 13 bankruptcy.

Bankruptcy Attorney Serving Santa Barbara, Woodland Hills, Oxnard, Camarillo, Ojai, Thousand Oaks, Simi Valley and Santa Paula

Bryan Diaz Law, P.C. provides caring, personalized legal assistance to individuals who are filing for bankruptcy. We are dedicated to serving our clients to the best of our ability, which means answering phone calls at any time of day, and appearing with our clients at all of their bankruptcy-related hearings. In representing you in your bankruptcy case, we will do our utmost in an effort to help you realize your goal of a life free of unmanageable debt.

If you are considering bankruptcy but are unsure about which Chapter is best for you, contact a Ventura bankruptcy attorney who can help you make a decision.