In a chapter 7 bankruptcy, your debts are extinguished but nonexempt property may be surrendered to your creditors. In a chapter 13 bankruptcy, you get to keep your assets and you are placed on a payment plan to repay your debts over time. Both types of bankruptcy have their advantages and disadvantages.
The decsion as to whether to file bankruptcy and, if so, the type of bankruptcy to file for are complex issue which can have serious financial consequences. Accordingly, it is important to consult an attorney to guide you through these processes. We would be happy to meet with you and provide you with a free initial consultation.
The McAndrew Law Firm, located in Corona, represents clients in the Inland Empire, Riverside, Chino, Chino Hills, Yorba Linda, Lake Elsinore, Lake Matthews, Norco, Ontario, Rancho Cucamonga, Moreno Valley, Fullerton, Industry, Diamond Bar, Rowland Heights and surrounding communities thoroughout Riverside, Orange, Los Angeles and San Bernardino Counties.