What Are My Bankruptcy Options?


(Liquidation of debts)


(Adjustment of debts for an individual with regular income)

You may want to consider Chapter 7 if:
You may want to consider Chapter 13 if:
You have little property except for the basic necessities like furniture and clothing. You have significant equity in a home or other property and you want to keep it.
You have little or no money left after paying basic expenses each month – or you’re not even meeting basic expenses You have regular income and can pay your living expenses, but you can’t keep up the scheduled payments on your debts.
Advantages of Chapter 7:
Advantages of Chapter 13:
Most unsecured debts can be discharged (completely eliminated) You can keep most of your property while spreading out time to pay past due accounts.
The process moves quickly – you may receive your discharge in just a few months You’ll have 3-5 years to catch up delinquent accounts – according to a schedule that you and the bankruptcy trustee have agreed agreed is workable for you.
Creditors can’t contact you while the automatic stay is in effect – or after debts are discharged. You’ll make one monthly payment to the bankruptcy trustee for distribution – you’ll have no direct contact with creditors during the protection period of 3-5 years.
Co-signers may be protected
Who can file under Chapter 7?
Who can file under Chapter 13?
Debtors who have qualified under the “means test” and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection Any individual debtor whose unsecured debts are below $360,475.00 and whose secured debts are less than $1,081,400.00.
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