Your income level, reliability of wages, and amount of debts should be the primary considerations when deciding how to file. Those without steady employment or whose income is significantly less than the sum of their debts may choose to consider Chapter 7. This method will allow your creditors to be paid quickly by using what you have currently in your possession, excluding the assets you’d need to live and work. Chapter 13 is the better option for those whose income to debt ratio is low, as it allows them to manage their debts without foregoing their possessions.
If you have questions about which type of bankruptcy best fits your situation, contact us today. We are experienced bankruptcy attorneys dedicated to finding the best solution for you.