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Law Offices of Christopher A. Benson, PLLC

Bankruptcy Attorney Federal Way

  • By: Christopher Benson
  • Published: April 7, 2014

If you’re thinking of filing for personal bankruptcy, the first thing you need to figure out is which type to file. The best thing to do is schedule a free bankruptcy consultation with an experienced bankruptcy lawyer.

There are Six Different Types of Bankruptcy, However, there are typically two different types of bankruptcy that apply to most people, and they mean different things for your finances and your future. Depending on your goals, debt limits, and income a Chapter 13 or Chapter 7 may be right for you. Some people who have a lot of unsecured debt or a lot of secured debt, have to file a Chapter 11 bankruptcy.

Before you file bankruptcy, you will be required to undergo a means test. The means test is an analysis of your financial situation, which determines what form of bankruptcy fits your situation. The means test is part of the bankruptcy reform that was passed in 2005. It keeps those who can pay back debt from filing the type of bankruptcy where debt is largely discharged.

Chapter 7 bankruptcy is also known as a “Fresh Start” bankruptcy. Those who file for Chapter 7 have a large amount of debt, very little or no discretionary spending, and very few assets. You are allowed to keep a lot of different types of property depending on their value and the applicable State or Federal Bankruptcy Exemption limits allowed.

Chapter 13 bankruptcy is a little different and can accomplish different things. In Chapter 13, debt is consolidated into a payment plan, and the filer is given a set amount of time to pay it back on this plan.

For more information about the different types of bankruptcy, you can click on this link.

In short, different chapters accomplish different goals. The best thing you can do is schedule a free initial consultation and find out your options.

Over the past 32 years, the Law Offices of Christopher A. Benson has helped over 2,300 of Washington clients take control of their financial situation. We can stop your garnishment and change your monthly payments for all your combined unsecured debt, and if you have had more than $600 garnished within the last 90 days, we can get all of the money back in most cases. But you have to act quickly–call (253) 815-6940 for your free consultation, or email us today. Evening and weekend appointments available.

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