Chapter 7 and Chapter 13
The most popular chapters for bankruptcy filings are Chapter 7 and Chapter 13. Every other chapter of the bankruptcy code has exclusions as to who may file so most persons who file for bankruptcy only qualify for Chapter 7 and Chapter 13. A liquidation of all debts is allowed under Chapter 7 and Chapter 13 order create payment plans over 3-5 years for existing debts.
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Frequently Asked Questions
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What Is The Difference Between A Chapter 7 And Chapter 13 Bankruptcies?
The decision on whether to file a Chapter 7 or Chapter 13 bankruptcy should be based on your circumstance and the kind of debts that you have incurred. A Chapter 7 bankruptcy is commonly filed by … more -
What Are The Basic Requirements For Filing A Chapter 7 Petition For Bankruptcy?
Each type of bankruptcy has its own requirements for filing. An individual who is filing for Chapter 7 bankruptcy is required to meet the “means test” to be eligible. The means … more -
What Are The Basic Requirements For Filing A Chapter 13 Petition For Bankruptcy?
Each type of bankruptcy has its own requirements for filing. An individual who is filing Chapter 13 bankruptcy has two principal requirements: (1) The debtor must have regular income and, (2) … more
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