By Kevin Chern
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:
PAID ATTORNEY ADVERTISEMENT: THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Total Bankruptcy is not a law firm. Your request for contact will be forwarded to the local lawyer who has paid to advertise in the ZIP code you provide. Total Bankruptcy does not endorse or recommend any lawyer or law firm who participates in the network nor does it analyze a person's legal situation when determining which participating lawyers receive a person's inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Total Bankruptcy does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. An attorney responsible for the content of this Site is Kevin W. Chern, Esq., licensed in Illinois with offices at 25 East Washington, Suite 400, Chicago, Illinois 60602. To see the attorney in your area who is responsible for this advertisement, please click here, or call 866-200-8052.
FLORIDA ONLY: Total Bankruptcy is considered a lawyer referral service in the state of Florida under the Florida Rules of Professional Conduct. By all other standards, Total Bankruptcy is a group advertisement and not a lawyer referral service.
If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.