Best Estate Planning Attorneys in Muskegon, MI

Filing for bankruptcy is a daunting decision, and it can be confusing to understand the difference between chapter 7 and chapter 13 bankruptcy. Chapter 7 bankruptcy is often referred to as a "liquidation" bankruptcy, where assets are sold to pay back creditors, while chapter 13 bankruptcy is known as a "reorganization" bankruptcy, where a payment plan is created to pay back creditors over a three to five year period. Each type of bankruptcy has its own eligibility requirements, and it is important to seek advice from a legal professional to determine which option is the best fit for your individual financial situation. While the thought of bankruptcy may seem overwhelming, understanding the differences between chapter 7 and chapter 13 bankruptcy can give you a sense of control and a clear path forward.