These days, we are now provided with many types of loans and debts. Mortgage has to be one of the most common type of loans that most people make in order to earn a home for their family. Other types of loans are introduced whenever we plan to purchase a vehicle or other important and expensive items. It should pretty hard to find a guy in this country who has no loan at his account. Sometime, we just cannot get away from a situation where we cannot cover our monthly payments or debts properly. When we leave this situation untreated, it is highly possible that we have to lose our most precious assets in our life like our home or our car. This is when chapter 7 and 13 bankruptcies play their important roles. You can file one of them to help you eliminate your debts without losing your properties. All you need is to seek help from an experienced bankruptcy attorney Los angeles. These bankruptcy attorneys will help you choose the best type of bankruptcy you need to declare in order to eliminate your debts. Let us see the differences between them at a glance.
Chapter 13 bankruptcy and chapter 7 bankruptcy can be very helpful when it comes to eliminating your debts. It is the type of your debt that mostly determines which type of bankruptcy your need to file to the court. For more details on this issue, friendly and experienced Los angeles bankruptcy attorney at Consumer Action Law Group can be a great source to answer all your related questions and requests.
There are more similarities between chapter 7 and 13 bankruptcies than their differences. Filing chapter 7 bankruptcy is mostly chosen when the debtors need to stop a foreclosure temporarily. This bankruptcy has become a familiar choice to those people who need to eliminate their medical bills, credit card debts and their personal loans. Those debts can be overcome with filing chapter 13 bankruptcy to the court. These types of bankruptcies are also filed by many debtors to save themselves from wage garnishment and collection calls. On the other hand, chapter 13 bankruptcy seems to be more suitable for stopping a foreclosure. You shall find more obvious differences on the payments for the mortgage on your house. Simply put, chapter 13 bankruptcy comes in very handy when you fall behind your mortgage payments. It can be a great choice when you need to strip an unsecured second home.
Figuring out the differences between these two bankruptcies can be a bit confusing. When you find yourself in the middle of a serious trouble like being unable to cover your debts properly, it would be best if you call for help from a professional bankruptcy attorneys Los Angeles at Consumer Action Law Group. It is very important that you can describe the kind of debt you are facing and your exact position to the bankruptcy attorney very clearly, that way, they can easily decide which bankruptcy chapter to file for you.