Which chapter of bankruptcy should I file for?
Bankruptcy.
10
2
Solved
Here’s a short overview of personal bankruptcy:
- Purpose: Protect you from creditors, wipe out most debts, and protect certain property.
- Chapters: Most individuals file Chapter 7 or Chapter 13 (11 U.S.C. § 101 et seq.).
- Chapter 7: Cheaper, usually ~5 months. Discharges credit cards, medical bills, personal loans. Usually does not eliminate most taxes, student loans, or support obligations. You must show your allowed living expenses exceed your take-home income. It’s a liquidation chapter, but most filers keep everything using exemptions; if an asset isn’t exempt, the court can sell it to pay creditors.
- Chapter 13: Also stops creditors, but you repay part of your debts in a 3–5 year court plan. Used if you make too much for Ch. 7 or to save a home from foreclosure (among other reasons).
- Next step: Meet a local bankruptcy attorney to review income, expenses, and assets to confirm eligibility for Ch. 7 and whether anything is at risk before deciding.
Hope this helped. Reach out anytime if you need more legal information.
0
Full Conversation
Bankruptcy.
Have you already filed or are you considering it?
Considering.
Are you looking at Chapter 7, Chapter 13, or another type?
I don't know.
Anything else the bankruptcy lawyer should know?
Yes.
Hi, I’m Alex, a bankruptcy attorney (15+ years). Sorry you’re dealing with this—happy to help. Before we continue: 1) What’s driving this—lawsuit, garnishment, foreclosure, something else? 2) What kinds of debts do you have?
I don't know.
Here’s a short overview of personal bankruptcy:
- Purpose: Protect you from creditors, wipe out most debts, and protect certain property.
- Chapters: Most individuals file Chapter 7 or Chapter 13 (11 U.S.C. § 101 et seq.).
- Chapter 7: Cheaper, usually ~5 months. Discharges credit cards, medical bills, personal loans. Usually does not eliminate most taxes, student loans, or support obligations. You must show your allowed living expenses exceed your take-home income. It’s a liquidation chapter, but most filers keep everything using exemptions; if an asset isn’t exempt, the court can sell it to pay creditors.
- Chapter 13: Also stops creditors, but you repay part of your debts in a 3–5 year court plan. Used if you make too much for Ch. 7 or to save a home from foreclosure (among other reasons).
- Next step: Meet a local bankruptcy attorney to review income, expenses, and assets to confirm eligibility for Ch. 7 and whether anything is at risk before deciding.
Hope this helped. Reach out anytime if you need more legal information.
Alex, Esq.
57,333 satisfied customers
Criminal law, employment law, family law, landlord-tenant, and real estate law.
5 lawyers online now
9
3
Answered 1 week ago
10
3
Answered 2 weeks ago
Disclaimer
By messaging AskaLawyer.com, you agree to our Terms and have read our Privacy Policy.
The information provided on AskaLawyer.com is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and timeliness of the information presented, we make no guarantees regarding its completeness or applicability to your specific circumstances.
Use of this website does not create an attorney-client relationship between you and AskaLawyer.com or any of its attorneys. Communications through this website, including any responses from attorneys, are not privileged or confidential. For advice tailored to your individual situation, we recommend consulting a licensed attorney in your jurisdiction.
AskaLawyer.com disclaims any liability for actions taken or not taken based on the content of this site. We are not responsible for any third-party content that may be accessed through this website. Reliance on any information provided herein is solely at your own risk.
