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Which Chapter Is Right For Me?

Debt Relief Solutions That Meet Your Individual Needs

Few situations are more stressful than being deeply in debt. There are endless commercials claiming they can solve your debt problems. How do you to know if the services they offer are legitimate? You simply do not have the time or experience to explore each of these debt relief options in depth.

At Blanton Law, P.A., our practice is focused on bankruptcy law. We will take the time to understand your unique financial situation, help you make informed decisions and guide you to a fresh financial start. Our attorneys have over 30 years of combined experience providing lasting legal solutions to clients in Sarasota and Manatee County. Contact us online or call 941-584-4263 or 888-610-0968 to schedule a free initial consultation.

Determining Whether Filing Chapter 7 or 13 Bankruptcy Is Best

Depending on the specifics of your situation, you will most likely be filing for either Chapter 7 or Chapter 13 bankruptcy protection. After going over the details of your financial situation thoroughly, our lawyers will help you determine which debt relief option will best serve your needs.

When you file bankruptcy, all of your assets become a part of the bankruptcy estate. Certain assets are exempt, such as:

  • Workers’ compensation benefits
  • IRAs
  • 401(k)s
  • Pensions
  • Homestead benefits
  • Social Security benefits
  • Life insurance policies
  • Unemployment compensation
  • Veterans benefits
  • Florida prepaid college plans

When filing for Chapter 7 or Chapter 13 protection, there are assets you have to list with the court in order for them to be removed from the bankruptcy estate.

Chapter 7 bankruptcy applies to those who:

  • Are under the median income or not earning a regular income
  • Are troubled with debt caused by personal loans, medial expenses or credit cards
  • Own only a limited amount of assets or property
  • Ineligible for Chapter 13 protection

A Chapter 7 discharge wipes away all unsecured debts. However, a Chapter 7 filing cannot discharge debts such as alimony, student loans, child support and some IRS taxes.

Chapter 13 bankruptcy is for individuals who:

  • Bring in a regular income
  • Have possessions they want to keep, like a car or home
  • Are able to make monthly payments according to the court approved plan
  • Do not meet requirements for Chapter 7 protection

Your debt will be restructured into an affordable payment plan that lasts from three to five years. After regularly making payments for the specified period of time, any remaining debt will be discharged.

Contact us online or call 941-584-4263 or 888-610-0968 to schedule a free initial consultation to discuss if bankruptcy is right for you. Evening and Saturday morning appointments are available upon request.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.