In a chapter 7 case, the bankruptcy court appoints a trustee to examine the debtor's assets to determine if there are any assets not protected by available "exemptions". Exemptions are laws that allow a debtor to keep, and not part with, certain types and
In a chapter 13 case, the debtor puts forward a plan, following the rules set forth in the bankruptcy laws, to repay certain creditors over a period of time, usually from future income. A chapter 13 case may be advantageous in that the debtor is allowed t
In a Chapter 7 bankruptcy, you can wipe out your debts and receive a "Fresh Start" financially. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. The trustee sells the appropriat
Usually about 1 month after you file your petition, the trustee will hold the "first meeting of creditors" ("341" meeting). You must appear for that meeting. The trustee will ask you questions under oath about your property and debts. Creditors can also q
If creditors haven't filed a suit to stop you from getting out from under your debts within 60 days of the 341 meeting, the court will enter an order granting the "discharge" of all dischargeable debts that existed on the date the case was filed.
The 2005 amendments to the Bankruptcy Code introduced the "means test" for eligibility for chapter 7. An individual who fails the means test will have his or her chapter 7 case dismissed or may have to convert his or her case to a case under chapter 13.
If you're an individual or a sole proprietor, you are allowed to file for a Chapter 13 bankruptcy to repay all or part of your debts. Under this chapter, you can propose a repayment plan in which to pay your creditors over three to five years. If y
Chapter 13 bankruptcy is not for everyone. Because Chapter 13 requires you to use your income to repay some or all of your debt, you will have to prove to the court that you can afford to meet your payment obligations. If your income is irregular or too l
If you own your home, and are significantly behind in your mortgage payments, the company that owns your mortgage (the "mortgagee") may start legal proceedings to foreclose on your home. The purpose of such a legal proceeding (known as a "foreclosure proc
It is up to you and whom you tell. We understand that bankruptcy is a matter of public record, but who will go into public records to search for it? Do you regularly go to the public records database to see if any of your friends or neighbors has declared
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