There are two main ways to file personal bankruptcy under the U.S. Bankruptcy Code: Chapter 7 and Chapter 13 bankruptcy.
Discover which type of bankruptcy may help you, then click below or call 877-349-1309 to talk to a local bankruptcy lawyer about your eligibility to file.
|CHAPTER 7 (Discharge Unsecured Debts)||CHAPTER 13 (Interest-Free Repayment Plan)|
|Chapter 7 is commonly used when:||Chapter 13 is commonly used when:|
|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 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 and whose secured debts are less than $1,081,400.|
|Free Chapter 7 Evaluation »||Free Chapter 13 Evaluation »|
Have bankruptcy questions about your specific circumstances? We'll connect you with a local sponsoring bankruptcy attorney who can answer your Chapter 7 and 13 questions.
Fill out the below form or call 877-349-1309 to connect to a sponsoring bankruptcy lawyer today:
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