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Pursuing A Fresh Start With Chapter 7 Or 13 Bankruptcy

If you’re struggling with out-of-control debt, with seemingly no way out, it may be time to consider bankruptcy. Contrary to many myths, bankruptcy isn’t a financial failure. Instead, it’s a way to get a clean slate, wiping away qualifying debt so you can have a fresh start. In many ways, it’s like a financial “do-over.”

Navigating the bankruptcy process can be tricky, however. Lawyer Dallas Janssen at Janssen Law, PLC, has dedicated much of his practice for decades to helping consumers get free from debt. He is passionate about helping people attain financial freedom through bankruptcy. He has seen time and time again what an enormous positive impact – and what a massive relief – bankruptcy has been for his clients. If you’re at a point where bankruptcy seems like a possibility, you can talk to Dallas about your options to gain clarity.

Chapter 7 Or 13: What’s Right For Your Situation?

There are two primary types of consumer bankruptcy – Chapter 7 and Chapter 13. Named for their locations in the U.S. Bankruptcy Code, these types have differing eligibility criteria and follow a different process:

  • Chapter 7 is available to those beneath an income and asset limit. If you don’t own a house or make a significant income, this may be the right choice for you. Generally, you can keep most of your property while discharging (wiping away) qualifying debts in a matter of months.
  • Chapter 13 is better suited for those who own homes and earn a decent income. It involves consolidating your debts into a single, affordable monthly payment over the course of a three- to five-year repayment plan. Once that repayment plan is complete, the remaining qualifying debts will be discharged.

Both types of bankruptcy will put a stop to creditor harassment and ultimately provide the clean slate you need to start rebuilding your credit.

Janssen Law, PLC, a debt relief agency. Attorney Dallas Janssen helps people file for bankruptcy relief under the Bankruptcy Code.