Best Bankruptcy Lawyers in Ventura, CA

What Is Chapter 7 Bankruptcy? In many cases, Chapter 7 bankruptcy is a better fit than Chapter 13 bankruptcy. For instance, Chapter 7 is quicker, many filers can keep all or most of their property, and filers don't pay creditors through a three- to five-year Chapter 13 repayment plan. But not everyone qualifies to file for Chapter 7 bankruptcy—and in some cases, Chapter 7 doesn’t provide the help the filer needs. Find out when Chapter 7 bankruptcy might be more advantageous than Chapter 13 bankruptcy. Chapter 7 bankruptcy is an efficient way to get out of debt quickly, and most people would prefer to file this chapter, if possible. Here’s how it works: It’s relatively quick. A typical Chapter 7 bankruptcy case takes three to six months to complete. No payment plan. Unlike Chapter 13 bankruptcy, a filer doesn’t pay into a three- to five-year repayment plan. Many, but not all debts get wiped out. You can protect property. Although you can lose property in Chapter 7 bankruptcy, many filers can keep everything that they own. Bankruptcy lets you keep most necessities, and, if you don't have much in the way of luxury goods, the chances are that you'll be able to exempt (protect) all or most of your property. You can keep a house or car in some situations. You can also keep your house or car as long as you’re current on the payments, can continue making payments after the bankruptcy case, and can exempt the amount of equity you have in the property.