Panama City Beach Bankruptcy Lawyers Describe the Different Chapters of Bankruptcy

Filing for bankruptcy can be very a confusing process to go through. After deciding bankruptcy is in your best interest, you will still have to decide which chapter you should file under. It’s very important to understand the differences between Chapter 7 and Chapter 13 since each chapter will bring a very different outcome for you. If you’re unsure what chapter you qualify for or which one will be best for you, please consider the following guide provided by Panama City Beach bankruptcy lawyers. 

Chapter 7 bankruptcy is characterized by a discharging of debts without repayment. Some debts are not dischargeable and will still have to be repaid. Another characteristic of Chapter 7 is you will most likely lose your personal assets as partial payments to your creditors. In some cases, those who file for bankruptcy don’t have any assets worth repossessing. If you think Chapter 7 bankruptcy would be best for you, contact a Chapter 7 bankruptcy attorney in Panama City Beach.  

Depending on your personal financial status, Chapter 13 might be the best option for you. Consider filing under Chapter 13 if you and your family: 

• Are behind on debt payments but are able and would still like to repay them. 
• Want to maintain ownership of nonexempt assets. Nonexempt assets can include your home, car, or property. Nonexempt assets will be used to determine your ability to repay your creditors but will not be repossessed.  
• Do not qualify for Chapter 7 because of your income. 

Before finalizing your decision, be sure to seek out legal advice. You can contact the bankruptcy lawyers at Lewis and Jurnovoy, P.A. for professional and compassionate legal help. They will make sure you feel informed every step of the way. You can contact them by phone at (850) 913-9110 or visit their website at https://lewisandjurnovoy.com/.