Orlando Bankruptcy Firm Clark & Washington Explains How Chapter 7 and Chapter 13 Differ

    NORCROSS, GA, July 13, 2012 /24-7PressRelease/ -- Orlando bankruptcy attorneys Clark & Washington believe it is important to educate Orlando residents about some of the differences between filing for personal bankruptcy through Chapter 7 and Chapter 13.

U.S. Bankruptcy Code offers two primary personal bankruptcy filing options: Chapter 7 and Chapter 13. Each one is geared towards a specific type of debtor. Chapter 7 is most commonly filed when the debtor holds little to no property outside of basic necessities (like clothes and furniture) and/or when they are barely able (or are not able) to cover basic expenses each month. Chapter 13 is most frequently filed by debtors who have property they want to keep (home, car, et cetera) and/or for debtors who have a regular income that covers living expenses but does not cover their debt payments.

Orlando bankruptcy clients who are eligible to file for Chapter 7 will find it offers certain advantages, including a quick process that lasts months instead of years, the elimination of most unsecured debts, and an automatic stay that keeps creditors from contacting the debtor while in effect and after debts have been discharged.

Debtors eligible for filing Chapter 13 bankruptcy in Orlando will also find that there are distinct advantages over Chapter 7. The biggest of these advantages is the opportunity for the debtor to keep most of their property while extending time to pay past due accounts. Additionally, Chapter 13 offers the possibility of co-signer protection, a timeline of 3 to 5 years to catch up on delinquent accounts through a workable schedule, and a stay on direct contact with creditors during the 3 to 5 years of protection.

Though there are specific differences between Chapter 7 and Chapter 13, it can occasionally be difficult for a debtor to determine which process is right for themselves and their family. The Orlando bankruptcy lawyers at Clark & Washington have nearly 30 years of experience of filing under US Bankruptcy Code, and they can navigate the nuances of US bankruptcy law to help ensure that you are making the right decision for your personal bankruptcy filing.

To learn more information about Clark & Washington or to schedule a free consultation with an Orlando bankruptcy attorney, visit http://www.orlando-bankruptcy-help.com.

About Clark & Washington

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information visit: http://www.orlando-bankruptcy-help.com.

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