Hamilton & Antonsen

Chapter 7 vs. Chapter 13

Should I file for chapter 7  or Chapter 13 Bankruptcy?

A good Joliet or Will County bankruptcy lawyer can advise you on the best option in terms of which bankruptcy to file. Below is a quick guide to help you out.A good Joliet or Will County bankruptcy lawyer can advise you on the best option in terms of which bankruptcy to file. Below is a quick guide to help you out.

Chapter 7 Bankruptcy is commonly used when:

  • You have little property except for the basic necessities like furniture and clothing.
  • You have little or no money left after paying basic expenses each month – or you’re not even meeting basic expenses.

The Advantages of Chapter 7

  • Most unsecured debts can be discharged (completely eliminated).
  • The process moves quickly – you may receive your discharge in just a few months.
  • Creditors can’t contact you while the automatic stay is in effect – or after debts are discharged.

Who can file under Chapter 7?

Debtors who have qualified under the “means test” and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection.

Chapter 13 Bankruptcy is commonly used when:

  • You have significant equity in a home or other property and you want to keep it.
  • You have regular income and can pay your living expenses, but you can’t keep up the scheduled payments on your debts.

Advantages of Chapter 13

  • You can keep most of your property while spreading out time to pay past due accounts.
  • You’ll have 3 to 5 years to catch up delinquent accounts according to a schedule that you and the bankruptcy trustee have agreed is workable for you.
  • You’ll make one monthly payment to the bankruptcy trustee for distribution – you’ll have no direct contact with creditors during the protection period of 3 to 5 years.
  • Co-signers may be protected.

Who can file under Chapter 13?

Any individual debtor whose unsecured debts are below $360,475 and whose secured debts are less than $1,081,400.

Speak with a Skilled Joliet Bankruptcy Attorney

The bankruptcy process is full of challenges, but a skilled bankruptcy attorney can help resolve many issues. To obtain the services of a skilled Will County bankruptcy lawyer, call 815.729.9220 Hamilton & Antonsen Ltd. today at or contact us to schedule a free case evaluation.