Chapter 7 vs. Chapter 13 Bankruptcy: Which One is Right for You?
When facing overwhelming debt, bankruptcy can provide a fresh start—but choosing the right type is crucial.
- Chapter 7 Bankruptcy: Also known as “liquidation bankruptcy,” this option allows qualifying individuals to eliminate most unsecured debts, such as credit cards and medical bills. It’s typically a faster process but may require selling some assets.
- Chapter 13 Bankruptcy: This is a repayment plan that lets individuals keep their property while restructuring debt into manageable monthly payments over three to five years.
Both options have advantages and eligibility requirements. At Williamson & Siler, we help clients determine the best path forward based on their financial situation and long-term goals.
