Advantages and qualifications of a Chapter 7 & Chapter 13 bankruptcy

By: Darrell Castle

If you’re in debt and considering filing for bankruptcy, you have two options – a Chapter 7 and a Chapter 13.


By filing for a Chapter 7, all of your dischargeable debts will be discharged without having to make any payments on those bills. A Chapter 7 takes a few months to process.

By filing for a Chapter 13, all of your debts will be lumped into an affordable 3-5 year repayment plan.

But, do you have the freedom to choose which chapter? Yes, and no. Both chapters come with their own qualifications and benefits, and an experienced bankruptcy attorney can help you determine which chapter is right for you!

One of the first things you’ll do with your bankruptcy attorney is complete a means test, which will determine if you’re eligible for a Chapter 7. This test is based off of your income and expenses.

People desiring to qualify for a Chapter 7 probably do so because it’s a quicker process and they don’t have to pay toward their bills. However, a Chapter 13 has it’s own benefits too.

If you’re behind on your mortgage or car payments and facing a foreclosure or repossession, a Chapter 13 will allow you to keep your property while a Chapter 7 won’t.

This is why it’s important to speak to an experienced bankruptcy attorney about your financial situation. You need an attorney you can trust – one who’ll care for you and walk and talk you through the process.

Darrell Castle & Associates has received multiple Client Distinction Awards from Martindale-Hubbel for client satisfaction, so I can assure you you’re in good hands here.

We don’t only want to help you file for bankruptcy, but we want to give you the tools to succeed after the process is complete. We do this by offering our clients free access to an online course called 7 Steps to a 720. This 14 week course will teach you tips and tricks the banks don’t want you to know about re-establishing and rebuilding your credit.

If you’re considering filing for bankruptcy or if you have any questions, call (901) 327-2100 today to schedule a free consultation with one of our experienced bankruptcy attorneys.