Chapter 7 Compared To Chapter 13

Bankruptcy Options In Delaware

In Delaware there are 2 bankruptcy options for those in need of individual or personal debt relief. Those options are Chapter 7 and Chapter 13. Each is unique and offers different forms of relief. Ultimately, the option you choose is going to depend on what you are trying to accomplish financially. If you are exploring debt relief options in Delaware it is a wise move for you to consult with an experienced Delaware lawyer who focuses their practice on Delaware Bankruptcy Law.

Call the Delaware Bankruptcy Lawyers at Carucci Di Lorenzo for a free initial consultation by dialing 302 654 5083. You can also click here to email a Delaware Bankruptcy Law Expert at Carucci Di Lorenzo. They have an office in Wilmington, Delaware and service those enduring financial hardships throughout all of Delaware.

Chapter 7 Compared To Chapter 13

There are several striking differences between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy. They are:

Chapter 7 is a liquidation of all or most of your assets and works well for people with income problems. It is relatively inexpensive to file a Chapter 7 and the relief is relatively quick as it can be filed and discharged in approximately 120 days. A Chapter 7 is best used for individuals with little or no real property, assets or real estate. It is also beneficial for individuals with unsecured debts such as credit cards, personal loans and medical bills.

Chapter 13 is more suited for those that have assets and significant amounts of real property. It works well for those with significant income but due to their financial situation may have cash flow problems. A Chapter 13 is merely a repayment plan and you do not liquidate your assets in order to reconcile with creditors. All bills are consolidated into a monthly payment plan and the bankruptcy is discharged once that plan is totally repaid. This can take up to 60 months in some cases.

In both a Chapter 7 and Chapter 13 creditors cannot contact you, approach you or attempt to collect funds from you once the bankruptcy is filed.

Contact A Delaware Bankruptcy Law Office

Contact Carucci Di Lorenzo, LLC to discuss which bankruptcy, or debt relief option, is right for you. They will explain all viable options to you so that you can make the most informed decision possible. Call the Delaware Bankruptcy Law experts at Carucci Di Lorenzo by dialing 302 654 5083. You can also click here to email the Delaware Bankruptcy Lawyers at Carucci Di Lorenzo, LLC.

Carucci Di Lorenzo Bankruptcy Lawyers handle bankruptcy and debt relief cases throughout all of Delaware including: Wilmington, Pike Creek, Hockessin, Newark, New Castle, Bear, Glasgow, Middletown, Smyrna, Dover, Harrington, Milford, Georgetown, Seaford, Laurel, Greenwood, Millsboro, Lewes, Milton, Rehoboth Beach, Dewey Beach, Bethany Beach, Fenwick Island and Ocean View.