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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy.

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

Have additional questions regarding bankruptcy or reaffirming secured debts? Here at Sawin & Shea, we have numerous years of experience practicing bankruptcy law and can answer your questions. The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt.

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Does Filing for Bankruptcy Eliminate Debt?

Sawin & Shea

Before you decide if bankruptcy is the best option for you, it’s important to understand the two different types of bankruptcy that are available to individuals: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Most Debtors, however keep everything they have.

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What Is the Difference Between Chapter 7, 11, and 13 Bankruptcies?

Credit Corp

In This Piece Understand the Types of Bankruptcy How Do You Know Which Bankruptcy Type is Right for You? What Is Chapter 11 Bankruptcy? What Is Chapter 7 Bankruptcy? What Is Chapter 13 Bankruptcy? Should You File for Bankruptcy? What Is Chapter 13 Bankruptcy?

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. Unsecured Debt What is unsecured debt?

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Will Bankruptcy Erase ALL of My Debt?

Sawin & Shea

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. While filing for bankruptcy is often the best course of action if you are overwhelmed by debt and struggling to stay afloat, it’s important to understand what debts can and cannot be discharged in bankruptcy.

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Should I Pay Back Family Members or Friends Before Filing for Bankruptcy?

Sawin & Shea

There are five different types of bankruptcy filings, but for clarity’s sake, we’ll be emphasizing Chapter 7 and Chapter 13 bankruptcy-related issues as they are two of the most common ways to file. What is the Difference Between Chapter 7 and Chapter 13?