Eligibility for Chapter 7 bankruptcy primarily hinges on passing the means test, a financial assessment tool used to determine whether an individual's income is low enough to qualify for debt relief under Chapter 7. We'll talk more specifically about that means test in the next section. Apart ...
Eligibility for Chapter 7 Bankruptcy In order to qualify for Chapter 7 bankruptcy, the debtor must be an individual, rather than a partnership, a corporation, or other business entity. Regardless of the level of debt, relief is available under Chapter 7, so long as the debtor meets all other...
Chapter 7bankruptcy is a legal processthat involves legally discharging some or all of your unsecured debt. It can be a time-consuming process, and some of your assets — like your car — could be sold to pay off a portion of your debt. ...
to five years. Unlike Chapter 7, this type of bankruptcy allows you to keep your assets while making monthly payments to creditors via a trustee. Once the repayment plan is completed, any remaining eligible debt may be discharged. This option stays on your credit report for up to seven ...
Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.
Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.
Chapter 13 bankruptcy, also known as “wage earner’s" bankruptcy, is a popular option for those who earn money, but who have fallen behind with payments to their creditors. Through this type of bankruptcy, an individual sets up a program to pay down their debts after they’ve been reorgan...
Chapter 13 Bankruptcy Chapter 13bankruptcy allows you to retain your assets, but you must agree to a plan to repay your debts over a period of three to five years. The trustee collects your payments and distributes them to your creditors. Chapter 13 bankruptcy is normally chosen by people wh...
Under Chapter 7 bankruptcy, your trustee will liquidate your nonexempt property, but you may be able to retain some of the profit. For example, if your state's car exemption is $7,500 and your car is worth $10,000, you may have to sell your car, but you'll get $7,500 from the...
You need a total combined total of secured and unsecured debt below $2,750,000 for Chapter 13 bankruptcy eligibility. You’re required to have a steady monthly income. Procedural requirements and complexity Chapter 11 bankruptcy law is complex. You’re essentially trying to negotiate a c...