QUESTION
How do I know which chapter of personal bankruptcy is for me and why?
Asked on Aug 10th, 2015 on Bankruptcy - Illinois
More details to this question:
How do I know which chapter of personal bankruptcy is for me?
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Depends on your circumstances. Chapter 7 has an income limit, if your household income is more than the limit; you can't file a Chapter 7 and must file a Chapter 13 or a Chapter 11. Regardless of the income limit, if you're trying to save your house from foreclosure, Chapter 13 is usually the best choice. Regardless of the income limit, if you have assets worth more than your debt, Chapter 13 is usually the best choice. There is a debt limit to Chapter 13, if you're debt is over $1,300,000, you can't file a Chapter 13 and must file a Chapter 7 or a Chapter 13. Chapter 13 is only available to people who have a regular income.
Answered on Aug 10th, 2015 at 7:37 PM
You wont know until you see a Lawyer - there are many factors that determine which path to follow.
Answered on Aug 10th, 2015 at 4:31 PM
That is what I talk about during the consultation. It depends on what your goals are. Do you have a significant amount of tax debt? Do you have rental property? Is your home in foreclosure? After paying just your living expenses, how much is left over in your budget that you can allocate towards paying your debts?
Answered on Aug 10th, 2015 at 4:30 PM
If you have average or less income, no real estate then likely Chapter 7.
Answered on Aug 10th, 2015 at 4:10 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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Call a bankruptcy lawyer, most offer free, in-person consultations.
Answered on Aug 10th, 2015 at 4:10 PM