Divorce Source: chapter 13 or 7?

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Divorce Source Community Forums >> Bankruptcy Issues

Relayer
Carpal \'Tunnel

Reged: 03/13/07
Posts: 9506
Loc: Moorglade Mover

Re: chapter 13 or 7?

06/05/07 03:41 PM

Chapter 7 is no asset complete discharge. A single person can have no more than around $15k equity in their house (homestead exemption). It is somewhat more for a married couple. Chapter 13 is a wage earner bankruptcy where you pay a portion of the debt (usually interest free) over a period of 5 years. They have made it alot more difficult for people working to file a 7. If you do file a 13 & can't make the payment the court will usually convert to a 7. Can't say which is better to a creditor, usually 13 because they get some of the debt paid. However, when you file a 7 alot of new companies would be willing to extend credit yo you because you have a clean slate & can't file again for 10 years. Any credit obtained 120 days prior to filing bankruptcy will not be allowed to be discharged. Also, you can not include taxes, student loans or child support/alimony.

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Post Extras

Entire topic
Subject	Posted by	Posted on
chapter 13 or 7?	emilar	06/05/07 11:18 AM
Re: chapter 13 or 7?	Gecko	06/05/07 01:41 PM
Re: chapter 13 or 7?	emilar	06/05/07 01:54 PM
Re: chapter 13 or 7?	Gecko	06/05/07 03:28 PM
Re: chapter 13 or 7?	emilar	06/05/07 06:11 PM
Re: chapter 13 or 7?	Relayer	06/05/07 03:41 PM
Re: chapter 13 or 7?	Gecko	06/05/07 05:35 PM
Re: chapter 13 or 7?	Relayer	06/05/07 11:43 AM
Re: chapter 13 or 7?	emilar	06/05/07 11:46 AM
Re: chapter 13 or 7?	Relayer	06/05/07 11:53 AM
Re: chapter 13 or 7?	emilar	06/05/07 11:58 AM
Re: chapter 13 or 7?	Relayer	06/05/07 12:25 PM
Re: chapter 13 or 7?	emilar	06/05/07 12:42 PM

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