Individuals with debt problems who are considering filing for bankruptcy relief can best determine if bankruptcy is an appropriate remedy to solve their debt problems by obtaining legal advice from an Attorney experienced in Bankruptcy Law and by having a basic understanding of consumer Bankruptcy Law. Making a proper determination about which Chapter of the Bankruptcy Code will provide you with the greater advantage is best done with the assistance of an Attorney having considerable experience in Bankruptcy Law and Bankruptcy Practice and a complete understanding of your precise financial condition.
Overview of Chapter 7 and Chapter 13
Bankruptcy relief begins quickly and simply by filing a two page petition. This petition contains basic information such as your name, social security number, and the Chapter of the Bankruptcy Code under which you are filing (Chapter 7 or 13). In almost all cases various schedules are filed at the time of the filing of this petition, including a schedule regarding your financial affairs, real estate, and personal property.