[b][Ogden, February 18, 2016][/b] – Chapter 7 and 13 bankruptcies are two different courses of action and have their own legalities. At Godfrey Law, they help clients determine eligibility and ascertain which one is the best alternative for their financial difficulties.

[b]Chapter 7 Bankruptcy[/b]

Most people have debt in the form of business and personal taxes, mortgage, credit cards and car loans. Some have more than they are able to pay. Godfrey Law provides legal expertise for prospective clients who need to determine options for their financial problems.

The law firm helps clients who put themselves in a position where they are no longer capable of paying debts, and their creditors keep calling or harassing them for payments. After assessing clients’ financial situation, Godfrey law may recommend filing for Chapter 7 bankruptcy. This is a legal way to manage debts and may be the option for businesses and individuals who lack the finances to pay off too much debt within a certain period.

Clients who want to take this route must know that restrictions and requirements exist before they can even start the filing process. The firm will provide information so that a client will understand the legalities of filing for Chapter 7 bankruptcy. This is a liquidation type of option. Some courts may forgive certain unsecured debts and allow an individual or business to retain exempt assets.

[b]Chapter 13 Bankruptcy[/b]

Filing for bankruptcy is one way to alleviate financial problems. This gives individuals and businesses time to sort out their finances and start anew. Godfrey Law helps clients file for Chapter 13 bankruptcy and navigate the legal process that comes with it.

Chapter 13 bankruptcy enables individuals with regular income to develop a convenient debt repayment plan. They can pay part or all of their debt in installments over a specific period, normally between three to five years. This will depend on a person’s monthly income. If clients’ current monthly income is less than the applicable median, they may get a three-year plan. If their income is above the median, they must pay the debts within five years.

[b]About Godfrey Law[/b]

Ted Kenneth Godfrey has practiced law since 1984 in Ogden, Utah. He provides statewide service, but primarily in Northern Utah. He handles different types of legal cases, including Chapters 7 and 13 bankruptcies, adoption, criminal defense, business establishment, guardianship, divorce, wills and estates, and paternity.

For more information about the firm’s practice areas, visit http://www.godfreylawyers.com.