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A comparison of Chapter 13 vs. Chapter 7 bankruptcy

Bankruptcy is a serious matter and should never be taken lightly. If a person in the Tampa area is considering filing for bankruptcy or has already decided to file for bankruptcy, then perhaps the first decision he or she will have to make is which kind of bankruptcy to file: either Chapter 7 or Chapter 13.

These two types of bankruptcies have some similarities, but they are is to allow people the ability to start over fresh, without the weight of creditors and debt holding them down. When people file for Chapter 7 they turn over their possessions to a trustee, who then converts those assets into cash and pays back the creditors with that money.

Meantime, Chapter 13 bankruptcy is different in that it allows people who have a steady income to make payments on their debts while still being able to keep their assets. When filing for Chapter 13 people have to create a payment plan, which must be approved by the court. Typically these payment plans last for about three to five years. The creditors must also agree to the payment plan. When the payback period is completed then the debtor's debts are discharged and he or she does not have to continue paying them.

According to Findlaw, one of the most basic differences between Chapter 13 and Chapter 7 bankruptcy is a person's income level. That means not everyone is actually allowed to file for Chapter 7. Instead, only those individuals who make a small enough income can opt for Chapter 7. Chapter 13 is usually also a little more complicated and takes a little longer than Chapter 7.

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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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