Filing for bankruptcy in itself is a huge decision. If bankruptcy is right for you and you decided to takeaction, you’ve already taken a step in the right direction. Bankruptcy is defined as the as the legal process where a debtor reorganizes debt through the division of assets. There are different types of bankruptcy but most individuals file one of two common types, Chapter 7 and 13. Citizens Law Group LTD. can help you determine which type of bankruptcy fits your needs. Chapter 7 bankruptcy can give those that file a fresh start. It is often referred to as liquidation. Chapter 7 is usually filed by people that have an overwhelming amount of debt and do not have the means to repay it. It can be the ideal option for anyone that just suffered the loss of a source of income. Some properties and assets are retained, though there is a possibility of losing assets. This type of bankruptcy provides total relief from unsecure debt. With it you can save your residence from foreclosure or eviction. It also provides peace of mind by halting creditor harassment. Chapter 13 bankruptcy differs from Chapter 7 by restructuring debt and having individuals pay part of the debt back over time. Some individuals do not qualify for Chapter 7 bankruptcy, therefore Chapter 13 may be the best option. This type of bankruptcy is frequently filed by those with higher incomes. Those filing for bankruptcy will work with the court to build a repayment plan. The payment is contingent upon the debtor’s income and expected expenses. The payment plans usually last between three to five years. If the debtor completes the repayment plan their eligible debts will be discharged. Citizens Law Group LTD.’s experienced attorneys can help you make a smooth transition into bankruptcy. We can determine the best case for you and assist with paperwork. Our expert bankruptcy attorneys are available to help you take the first step towards a fresh start. Contact us today to get started.