How do I know which chapter of personal bankruptcy is for me and why? 8 Answers as of August 11, 2015

How do I know which chapter of personal bankruptcy is for me?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That is a complicated question, you need to consult with a bankruptcy lawyer to explore your options. There are many factors to consider including your income and assets.
Answer Applies to: California
Replied: 8/11/2015
Ronald K. Nims LLC | Ronald K. Nims
Depends on your circumstances. Chapter 7 has an income limit, if your household income is more than the limit; you can't file a Chapter 7 and must file a Chapter 13 or a Chapter 11. Regardless of the income limit, if you're trying to save your house from foreclosure, Chapter 13 is usually the best choice. Regardless of the income limit, if you have assets worth more than your debt, Chapter 13 is usually the best choice. There is a debt limit to Chapter 13, if you're debt is over $1,300,000, you can't file a Chapter 13 and must file a Chapter 7 or a Chapter 13. Chapter 13 is only available to people who have a regular income.
Answer Applies to: Ohio
Replied: 8/10/2015
Law Office of Michael Johnson
Law Office of Michael Johnson | Michael Johnson
Contact a local bankruptcy attorney in your area. Most attorneys will give you a free consultation to determine what chapter is best for you.
Answer Applies to: Florida
Replied: 8/10/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Most people file chapter 7 bankruptcy if their income is low enough.
Answer Applies to: New York
Replied: 8/10/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
That is what I talk about during the consultation. It depends on what your goals are. Do you have a significant amount of tax debt? Do you have rental property? Is your home in foreclosure? After paying just your living expenses, how much is left over in your budget that you can allocate towards paying your debts?
Answer Applies to: Nevada
Replied: 8/10/2015
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