Bankruptcy Assistance in Glasgow, KY
Filing bankruptcy is a way to get out from crippling debt that is holding you back from accomplishing your goals. It exists in two main forms, Chapter 7 and Chapter 13 bankruptcy. No matter which type you are interested in filing, the process can be long and complicated as well as riddled with complex paperwork.
Our team at Gillenwater & Hampton Law Firm can walk you through this process, handle all the paperwork and ensure the best possible outcome for you. Learn more about the different types of bankruptcy and how we can help you below.
Chapter 7 vs. Chapter 13 bankruptcy
Here is a basic breakdown of the different types of bankruptcy.
Chapter 7
This form of bankruptcy involves cancelling most or all of your debts, while selling your property (as needed) to pay back creditors. This is often called “liquidation” bankruptcy because of the way your property is sold to repay what can be repaid before leaving you free of remaining debt. It normally takes 4-6 months to complete fully and only takes a single trip to court.
With our help, you can have a smooth Chapter 7 process that makes sure you clear off debilitating debt without suffering overreaching liquidation.
Chapter 13
If you still have steady income and property you want to protect from liquidation, Chapter 13 is the better choice for you. In exchange for getting relief from debt, you need to pay income to creditors over the course of a 3-5-year repayment plan. While this bankruptcy cannot delete as much debt overall because of limitations, it can protect important assets in the process.
Since this is a much more complicated procedure with many factors that need to be met, a lawyer is highly recommended for Chapter 13 cases. We can make sure that all the information the court needs are gathered and presented clearly, and also set up the most attractive repayment plan possible.
