Chapter 7 In order to file a Chapter 7 Bankruptcy petition, you must meet the requirements under the Bankruptcy Code. Filing a Chapter 7 petition, in most cases, will stop most collection activities for a period of time. If a discharge is granted, most creditors will be prevented from taking any collection action on the debts that were discharged. A Chapter 7 Bankruptcy can discharge many forms of debts and allow individuals to retain some of their assets. Some debts, however, can not be discharged and some of your assets may be liquidated or sold in order to repay creditors. Debtors are usually allowed to retain some equity in their homes, motor vehicles, retirement plans, household items, and other assets. The limits on how much equity can be retained varies from state to state. Whether or not you qualify to file a Chapter 7 petition depends on, among other things, your income, past Bankruptcy petition filings, completion of an approved credit counseling session within 180 days before filing, etc.. In addition, a discharge is not guaranteed. You can find more information about the process and alternatives at: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html.
Chapter 13
In order to file a Chapter 13 Bankruptcy petition, you must meet the requirements under the Bankruptcy Code. Whether or not you would qualify to file a Chapter 13 petition depends on, among other things, whether or not you have a regular source of income, the timing and resolution of prior Bankruptcy petition filings, and the amount of debt owed. Filing a Chapter 13 petition may help to stop a foreclosure and allow individuals to retain their home if they are behind in some of their payments. With a Chapter 13 petition, debtors are required to repay a portion of their debt over a 3 or 5 year plan. The length of the plan, the amount to be repaid, and whether or not you would qualify for relief under Chapter 13 depends on your individual financial circumstances. More information about a Chapter 13 plan can be found at: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html
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