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Which type of bankruptcy should you file?

It's easy to feel frustrated when you can no longer manage to pay your bills every month. But you should be aware that there is a way out of debt.

Bankruptcy is viewed by some as a negative experience that indicates that you failed. The truth is that bankruptcy is simply a legal method of protecting yourself from overwhelming debt. It's a way to help you overcome your losses and to get a fresh financial start.

Individuals who are going through tough financial times may want to consider all of their options, however, which may include filing for bankruptcy. The primary types of consumer bankruptcy are Chapter 7 and Chapter 13.

Chapter 7 can rescue you from debt

Filing for Chapter 7 bankruptcy can help consumers get free of debts they are no longer able to pay, such as medical bills and credit card debt. The downside of filing under Chapter 7 is that you may only be able to retain few of your assets, especially if you own luxury items.

Choosing which form of bankruptcy to file depends on several factors, but the choice generally comes down to if you want to keep your assets and restructure your debts or wipe the slate clean. Chapter 13 offers you more options for keeping assets and paying down debts in a three- or five-year period, whereas under Chapter 7, you will be finished, and your debts discharged within just a few months.

We can help you assess your options and make the best choice that is right for you. Check out our website for additional information on consumer bankruptcy proceedings.

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With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.

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