Factors in Qualifying for Chapter 7 or Chapter 13

There are specific differences between the two types of filings.  Chapter 7 is normally filed by individuals who have overwhelming debt and no means of paying it back.  Most assets owned by the person will be sold or liquidated to pay off the debts as much as possible and the rest will be discharged.  However, if you have a steady income and can afford to be making payments, Chapter 13 is a restructuring of your debt through negotiating settlement or outright discharge of certain debts in order to be able to repay creditors within 3 to 5 years.  Assets can normally be kept in a Chapter 13.

With the help of the P. Joseph Nicola, ESQ. Firm, I will
comprehensively review your financial position and help you determine which course of action is best for you. 

Determine if you qualify, contact me at my office today!