Filing bankruptcy offers certain
advantages and it may be the right choice however, before deciding to file
bankruptcy you should be familiar with the advantages and disadvantages of
chapter 7 and chapter 13.
Chapter 7 Bankruptcy:
- No minimum or maximum debt requirement;
- You can file for and have discharged any amount of debt!
- Any unpaid balances due after your assets have been distributed, are discharged.
- You keep any wages you earn or property you acquire, except for inheritances, after the bankruptcy filing date.
- Most cases are discharged and over in about 3 - 6 months!
Up Disadvantages
- Your non-exempt property is sold by the trustee.
- It only temporarily stops foreclosure.
- Not all debts are discharged (those not discharged can still be collected after your case is closed; mortgage liens are one example).
- Anyone who co-signs a loan for you may be liable for the debt unless they file for similar bankruptcy protection.
- Withdrawing a chapter 7 filing is difficult
- Bankruptcy damages your credit rating.
- You can only file once every six years.
How to Handle Unfair and Illegal Debt Collection Tactics - Step-by-Step Self-help Book
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Chapter 13 Bankruptcy:
Up Advantages
- You're protected against collection efforts and wage garnishment;
- You get to keep all exempt and non-exempt property;
- The court allows more time than the original contract to pay off the debt;
- Debts not discharged under chapter 7 can be reduced under chapter 13;
- If your plan includes full payment of all debts then co-signer is immune from collection efforts.
- You are protected against foreclosure on your home.
- Chapter 13 can be filed after a chapter 7 discharge so you can pay off any remaining debts or liens.
- There is no limit to how many times you can file.
Up Disadvantages
- Even though you make lower payments over time...you still have to pay your debts.
- If a lawyer is hired, chapter 13 is more expensive.
- The amount of debt is limited to no more than one million; secured debts must be $750,000 or less and unsecured debts must be $250,000 or less.
Rich's Enterprises, L.L.C.,
Prattville, Alabama
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