Interviewer: What sort of person would prefer Chapter 13 bankruptcy over Chapter 7? What sort of financial standing should they have at the current time?
Brad Weil: It’s people that make enough money to pay back their debts but maybe they have too many debts and they’re overwhelmed. I do have people that file Chapter 13 that are 100 per cent planned. They use the Chapter 13 as a debt consolidation. I have people that file Chapter 13, like I said, to reduce interest rate on cars. People file Chapter 13 to stop a foreclosure and save their home. They do it to pay back taxes to get basically the IRS, the guys from the Franchise Tax Board off their back because Chapter 7 and you owe priority tax liability, that priority tax liability would not be discharged, you will still owe that at the end of the bankruptcy.