When it comes to bankruptcies, most people are not fully aware of the differences between Chapter 7 and Chapter 13. While each option has its own unique set of advantages and drawbacks, in some cases, Chapter 7 may be preferable. With more than three decades spent practicing law in Somerset, KY, the Curt Davis Law Office PLLC can help you better understand your debt relief options.

Chapter 7 Often Lets You Keep Necessities

Retention of property is common in Chapter 7 bankruptcies. In many cases you will be able to keep those bare necessities, such as the home you live in, the vehicle you drive to work, etc. However, your property may be in jeopardy if it was used as collateral for a loan. In that case, the lender could pursue the property as payment for any money owed.

Many Types of Debt Can Be Discharged

Additionally, many different types of debt can be discharged using Chapter 7. This includes medical expenses, credit card bills, past due rent, unpaid taxes, debts related to business, utility bills, etc. Some debts are not considered dischargeable however, such as student loans and outstanding child support.

Chapter 7 Cases Move Quickly

The fast pace of Chapter 7 bankruptcies is another upside. In most instances, a case will be resolved within six months. Some cases work even faster, spanning a period of about three months from start to finish. A swift resolution is integral to getting your finances back on track as soon as possible.

As a full-service law firm, Curt Davis Law Office PLLC can assist Somerset clients with a range of legal needs. Whether you need assistance with a personal injury claim, want more information on bankruptcies, or require the assistance of a workers’ comp attorney, this law firm is poised and ready to help. Call (606) 378-2525 today to schedule a consultation or use the online contact form for more information.