In order to accommodate various financial states and debt situations, the United States Bankruptcy Code offers different types of bankruptcy that can be more or less advantageous for families, individuals, or corporations. Although often regarded as the most simple, most basic form of bankruptcy, there are several advantages to filing for Chapter 7 bankruptcy instead of filing for Chapter 13. In particular, Chapter 7 is usually considered the most complete form of bankruptcy, usually the one in which the most number and amount of debt is settled by the end of the process.
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Unlike Chapter 13, Chapter 7 bankruptcy reduces any remaining debt after the debt discharge process to an absolute minimum, often resulting in no debt following this kind of bankruptcy. Chapter 13, on the other hand, deals with significantly less direct debt discharges, meaning that debtors may retain more of their original property in the process. However, even with reduced debt, the amounts can loom over and haunt a debtor following bankruptcy.
In addition to being the most complete form of bankruptcy, Chapter 7 also is preferred as one of the more expedient bankruptcy solutions. Because of the simplified grounds for property seizure or repossession, this type of bankruptcy takes less time to legally navigate and also features, in general, fewer quarrels between creditors and debtors over payment terms.
Finally, Chapter 7 may be preferred by some because of the lowered eligibility requirements. Unlike Chapter 13, Chapter 7 is substantially more open to the public and to use by needy debtors. This allows for more debtors to benefit from the solid resolution that Chapter 7 can provide. To learn more about this kind of bankruptcy and how it can help those who need a quick solution to an overwhelming amount of debt, contact a Chapter 7 bankruptcy attorney.
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