How do I know what chapter of bankruptcy to file for and why? 8 Answers as of August 27, 2015

How do I know what chapter of bankruptcy to file for? What are the differences among chapter 7 through chapter 13 bankruptcies?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That is a huge question - books are written on that subject. Go see a lawyer, they don't bite. The question too open ended.
Answer Applies to: California
Replied: 8/27/2015
Stephens Gourley & Bywater | David A. Stephens
The chapters for people are 7, 11, 12, and 13. Chapter 7 is a typical bankruptcy. Chapter 11 is generally for business or people with significant assets. Chatper 12 is for farmers and fishermen. Chapter 13 is generally for people who make to much to qualify for chapter 7 or who have some assets to protect. The chapter you file depends on your income, assets, and the nature of your debts.
Answer Applies to: Nevada
Replied: 8/27/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Chapter 7 gets rid of all your unsecured debts and chapter 13 is a repayment plan of some or all of your debts.
Answer Applies to: New York
Replied: 8/26/2015
Ronald K. Nims LLC | Ronald K. Nims
Chapter 7 eliminates dischargeable debts and doesn't require any payments to creditors. If you have valuable assets that aren't exempt, they will be sold to pay the trustee's fees and your creditors will get whatever is left over. Chapter 13 allows you to keep your assets including those which are collateral for loans. You may payments for 3 to 5 years under a Chapter 13. It's used to stop foreclosures. Your dischargeable debts receive some payment but it's usually only a few cents on the dollar. There is an income limit on Chapter 7, anyone with a higher income must file Chapter 13 or Chapter 11?
Answer Applies to: Ohio
Replied: 8/25/2015
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
That is good question but only can be answered by an attorney with knowledge of your situation.
Answer Applies to: Michigan
Replied: 8/25/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    That is the type of decision you may want your bankruptcy attorney to answer. I would need to know 1) how much money you have left over after paying living expenses. If less than $150, than probably Chapter 7. 2) Are you ineligible for Chapter 7? If so, then Chapter 13. 3) Do you have debts that are not eligible to be discharged, such as tax debt, child support, criminal restitution? If so, then Chapter 13. 4) Do you need time to bring current your delinquent payments on property you want to keep? If so then Chapter 13. 5) Do you have property not eligible to be fully protected by exemptions available to you? If so, then Chapter 13.
    Answer Applies to: Nevada
    Replied: 8/25/2015
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    You should consult an attorney to discuss your options. He or she will discuss both options.
    Answer Applies to: Florida
    Replied: 8/25/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    First things first: if you are very uninformed about bankruptcy, do not try to represent yourself. You'd only be in for frustration or worse. Find an experienced bankruptcy lawyer in your locality, who can go over your situation with care, review all details, and tell you all about the different chapters and recommend which one to use.
    Answer Applies to: Wisconsin
    Replied: 8/25/2015
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