Chapter 7 bankruptcy allows a filer to discharge – or eliminate – unsecured debt such as credit card debt, medical bills and deficiency balances due to auto repossession. In order to be eligible, individuals must pass a means test.
Chapter 13 is often referred to as reorganization bankruptcy because it allows debtors to create a payment plan that reorganizes their debt. Payment plans are based on income instead of assets and are usually spread out over three to five years.
Chapter 7 Bankruptcy | A Fresh Financial Start Chapter 7 Bankruptcy . When you file for Chapter 7 bankruptcy, you begin the process of obtaining a fresh financial start. That means you do not have to pay debts that are dischargeable in your bankruptcy, and should...read more
Bankruptcy Calculator | Social Security Included in Means Test? Bankruptcy Calculator . If you receive Social Security benefits, you are not required to include that income on the Chapter 7 bankruptcy means test. This means that whether you pass the means test...read more
Bankruptcy Attorney | When Can You File Again? Bankruptcy Attorney . If you have filed for bankruptcy in the past, you may be wondering how soon you can file for bankruptcy again. Read on to learn about the time limitations for receiving a bankruptcy discharge after...read more