{"id":36026,"date":"2021-08-31T05:03:51","date_gmt":"2021-08-31T12:03:51","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=36026"},"modified":"2023-01-13T03:24:38","modified_gmt":"2023-01-13T11:24:38","slug":"chapter-7-vs-chapter-13","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/bankruptcy\/chapter-7-vs-chapter-13\/","title":{"rendered":"Chapter 7 vs. Chapter 13"},"content":{"rendered":"
\n
\n
\n
\n
<\/div>\n<\/div>\n
\n
\n
<\/div>\n
<\/div>\n<\/div>\n<\/div>\n
\n
\n
\n
<\/div>\n<\/div>\n
\n
\n
<\/div>\n
<\/div>\n<\/div>\n<\/div>\n
\n
\n
<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n
<\/div>\n<\/div>\n
\n
\n
\n

\n
Chapter 7 vs. Chapter 13<\/strong><\/div>\n<\/h1>\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n
<\/div>\n<\/div>\n
\n
\n
\n

Dealing with crippling debt can be overwhelming, especially if you don\u2019t know which type of bankruptcy to get. Before deciding to file for bankruptcy, it is best to consider other debt-relief options<\/a> available to you, as well as the different types of bankruptcy<\/a>. Here, you will find out the differences between Chapter 7 vs Chapter 13.<\/p>\n

If you\u2019re thinking about filing bankruptcy, our trusted Portland bankruptcy attorneys<\/a> are here to help you understand the basics of bankruptcy. At Michael D. O\u2019Brien & Associates PC, we have more than two decades of experience helping Oregon families get debt relief and a fresh start. Call our law firm today at 503-694-4445<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n
<\/div>\n<\/div>\n
\n
\n
\n

\n
Chapter 7 Bankruptcy<\/strong><\/div>\n<\/h2>\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n
<\/div>\n<\/div>\n
\n
\n
\n

Chapter 7 bankruptcy is a liquidation bankruptcy<\/a> where you\u2019re allowed to keep certain \u201cexempt\u201d assets and properties. Under this type of bankruptcy, all your non-exempt assets are surrendered to a Bankruptcy Trustee<\/a>.<\/p>\n

A chapter 7 bankruptcy<\/a> trustee reviews your financial assets and sells the non-exempt assets. Then, the proceeds from the sale of your properties will be used to pay off your debts. It takes typically three to four months to receive a discharge from bankruptcy under Chapter 7.<\/p>\n

Is bankruptcy right for you? Not sure what to choose between Chapter 7 vs Chapter 13? Connect with our experienced Portland bankruptcy attorneys to find out. Call us at today 503-694-4445.<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n

\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n
<\/div>\n<\/div>\n
\n
\n
\n

\n
Advantages of Chapter 7 Bankruptcy<\/strong><\/div>\n<\/h2>\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n
<\/div>\n<\/div>\n
\n
\n
\n

Choosing Chapter 7 has its advantages. However, it isn\u2019t for everyone. You need to qualify by passing the means test. This means that your income need to be lower than Oregon\u2019s median family income. Filing for bankruptcy is a big move, and it can have certain effects on your life. Before deciding which bankruptcy to get, you need to weigh the pros and cons carefully. Connect with our Oregon bankruptcy attorneys so we can offer an initial case evaluation.<\/p>\n

Get a \u201cFresh Start\u201d with Chapter 7 Bankruptcy<\/strong><\/h3>\n

There are many differences between Chapter 7 vs Chapter 13. For instance, one of the goals of Chapter 7 bankruptcy is to give you a fresh start in life. It eliminates certain debts so that you can be free from personal liability for discharged debts such as:<\/p>\n