photo of attorney R. Richard Croce

YOU HAVE OPTIONS.

I'm here to make sure yours is the best.

Understand Your Personal Bankruptcy Options

If you are concerned about your financial situation and believe that bankruptcy may be the right option for you, R. Richard Croce, LLC, is here to help. While bankruptcy can be a complex and confusing process, I have over 25 years of experience and know-how to help you successfully navigate your financial situation. I can walk you through the differences between Chapter 7 and Chapter 13 bankruptcy. You will need to review the following to determine which option is the best for you:

  • Your current income
  • Assets (both exempt and nonexempt)
  • Types and amounts of debt
  • Overall financial goals

Not only do I help you pursue bankruptcy, but I also offer a 7 Steps to a 720 Score program that allows you to restore your credit in the process. My main priority is to provide the debt relief and resolution that you need to move forward in life.

What Are The Differences Between Chapter 7 And Chapter 13?

While both Chapter 7 and Chapter 13 are designed to provide debt relief to consumers, there are some major differences between them. Chapter 7 is commonly referred to as “liquidation bankruptcy.” This is because your nonexempt assets will be sold (or “liquidated”) and the proceeds will be used to pay back your creditors. Chapter 7 is designed to wipe out any of your unsecured debts, such as credit card bills. In order to qualify for Chapter 7, you must have minimal disposable income. If you have too much income to pass the means tests, you may have to opt for Chapter 13 instead.

Comparatively, Chapter 13 is referred to as “reorganization bankruptcy,” as you will make a repayment plan with your creditors. The total amount of debt you must pay back is determined by your income and the amount and types of debt. You will likely get to keep all your property, even assets that are not considered exempt. You must be able to afford monthly payments for a missed mortgage or car bills as well as pay off any nondischargeable debts that remain, such as child support.

Learn More About Your Options In A Free Consultation

Still have questions about the bankruptcy process? I am here to help. Give my firm a call today at 860-398-4573 to schedule your free consultation. You can also reach me via email.

R. Richard Croce, LLC is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.

photo of attorney R. Richard Croce