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Chapter 13 bankruptcy is designed for individuals with a regular income who want to repay their debts over time. This type of bankruptcy allows you to create a repayment plan that can stretch from three to five years. It’s an excellent option for those who want to keep their property while managing their debts, as it may enable you to catch up on missed payments without losing your assets.

Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, is a process that allows individuals to eliminate most of their unsecured debts, such as credit cards and medical bills. While it may involve the sale of some non-exempt assets to pay off creditors, it can be a powerful tool for those looking for a fresh financial start. Certain criteria must be met to qualify, including passing a means test based on your income.

A Chapter 7 bankruptcy can affect your credit report for up to 10 years from the filing date, while Chapter 13 typically lasts for 7 years. While this may seem discouraging, many clients find that their credit score improves over time as they adopt responsible credit practices post-bankruptcy.

Yes, it is possible to file for bankruptcy and retain your home. With Chapter 13 bankruptcy, for example, you're allowed to create a repayment plan that helps you catch up on your mortgage payments. Even under Chapter 7, you may keep your home if you’re current with your mortgage payments and your equity falls within the state’s exemption limits.

Yes, medical bills are dischargeable debts in both Chapter 7 and Chapter 13 bankruptcy. This means you can alleviate the burden of overwhelming medical expenses and work toward regaining your financial footing.