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Bird & Van Dyke, Inc. - A Professional Law Corporation

Local Attorneys, Local Representation

Free Initial Consultation

Stockton 209-390-8877

PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us in person, via telephone or through video conferencing. Please call our office to discuss your options.

Bird & Van Dyke, Inc. - A Professional Law Corporation
STOCKTON
TRACY
Contact us for a
Free Initial Consultation

PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us in person, via telephone or through video conferencing. Please call our office to discuss your options.

Local Attorneys, Local Representation

We help clients throughout Northern California overcome their legal challenges and move forward with their lives.

A Former Prosecutor Working For You.

Our inside knowledge gives clients the edge they need to defend themselves against criminal charges.

Get Compensation After An Accident

At Bird & Van Dyke, we help clients put the pieces back together after being injured in an accident.

Meet Our Legal Team

Contact us at 209-390-8877 to schedule a free consultation.

LOCAL ATTORNEYS, LOCAL REPRESENTATION
LOCAL ATTORNEYS, LOCAL REPRESENTATION

When you are deep in debt, the options for declaring bankruptcy may seem overwhelming or confusing.

Deciding whether to file for either Chapter 7 or Chapter 13 can affect the length of time you need for repayment and what assets you can keep.

Qualifications and property

According to FindLaw, not everyone can file for Chapter 7. Unlike Chapter 13 bankruptcy, your eligibility for Chapter 7 relies on your income level. If your income is greater than the median income of your state, then you cannot continue the process.

Planning

Chapter 7 is commonly known as liquidation bankruptcy since you sell your belongings and assets in order to repay part a required part of your debts. In comparison, you follow a reorganization plan with Chapter 13. You must earn a steady income in order to qualify for this type of plan to prove that you can handle regular payments.

You do not need to pay discharged debts in a Chapter 7 bankruptcy case. These debts are not the total sum of what you owe, however, since you also have priority debts and liens. In Chapter 13 cases, you can repay these debts with a long-term repayment plan. Both types require a trustee in order to oversee the process.

Timing

The most common length of time for those in debt to have to follow Chapter 7 plans is typically around three months. This agreement ends when a discharge officially clears. In contrast, Chapter 13 plans can last as long as three to five years. If a restructuring plan is or is not the right choice for you, then Chapter 13 may work better.