Two Types of Personal Bankruptcy – Under Chapter 7 bankruptcy, you can have all or part of your debts discharged after your liquid assets are used to repay some of the debt. Under Chapter 13, you repay all or part of your debt through a three-to-five-year repayment plan. When you make the personal bankruptcy filing, you will also submit a repayment plan to the court.
To qualify for Chapter 7, you must pass a means test to show that your income is less than the median income for your family size in your state. In addition to passing a means test, you must receive credit counseling. If you fail the means test, you will not be allowed to file Chapter 7. Instead, you can file Chapter 13.
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Two Types of Personal Bankruptcy – Gurdin Law has extensive knowledge and experience in all aspects of bankruptcy litigation, local bankruptcy lawyers near me