Bankruptcy 101: Chapter 7 and 13 What's the Difference? How does it work? What are my options?

Andrew Michael Korduba

Written by  Pro

Bankruptcy Attorney - Medina, OH

Contributor Level 11

Posted over 5 years ago. 1 helpful vote



STEP ONE: Income and Asset Eligibility Issues: How much do you make and what "assets" do you own?

Bankruptcy relief depends on your (1) income; (2) household size; and (3) equitable assets. YOU NEED: last two (2) years of Federal tax documents (1040, 1040EZ, etc.) and your last six (6) months paystubs. That's it! With this information, we can determine if you are a Chapter 7 or 13 Bankruptcy. You keep your house, cars, paycheck, etc. STOP PAYING MONTHLY MINIMUMS ON CREDIT CARD OR MEDICAL OR PERSONAL DEBTS THAT YOU WILL NEVER PAY OFF!!! Get out of debt today. Its fast, easy and affordable.


STEP TWO: MEANS TEST and ASSET eligibility guidelines

Trust only a trained professional. We can determine IF you qualify for Chapter 7 or Chapter 13 Bankruptcy relief. Chapter 7 allows you to simply WALK AWAY from your bad, unsecured consumer debts. Depending on how much EQUITY you have in your house, cars and other personal property, MOST PEOPLE qualify to KEEP ALL THEIR STUFF and simply write off their credit cards, personal loans, medical bills, etc. Chapter 13 is a "structured re-payment program" that allows you to pay PENNIES ON THE DOLLAR to payoff all your debts. The payments are based upon your DISPOSABLE INCOME determined by your lawyer and the Chapter 13 Bankruptcy Trustee. Most people qualify to only payback their unsecured consumer debts at a fraction of the amount owed!!! NO INTEREST. NO PENALTIES. NO FINANCE CHARGES. Its easy, fast and affordable. STOP STRUGGLING WITH YOUR BILLS. GET OUT OF DEBT TODAY.

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There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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