If you are an individual with huge debts that you cannot currently pay, and are contemplating filing for bankruptcy, you need to know at least a little about bankruptcy proceedings. Personal bankruptcy comes under the purview of the bankruptcy code and the proceedings are regulated by this law.
A good bankruptcy lawyer can help you understand your liabilities, whether to consider repayment plans or liquidation, what assets are likely to remain with you and the ones you are likely to lose. Your attorney is also sure to explain about the types of bankruptcy that you could file, and make the pros and cons of chapter 7 vs. chapter 13 bankruptcy clear.
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The first thing that you may learn is that while individuals can file under chapter 7 or chapter 13 bankruptcy, business organizations can do so only under chapter 13. Assessing the merits of chapter 7 vs. chapter 13 is a process that is sure to influence your final decision. Chapter 7 could result in a write off of all your unsecured debts while your non-exempt assets may be liquidated to pay off secured loans and priority creditors. Chapter 13 involves repaying your debts gradually under the supervision of a court-appointed trustee and allows you to retain all you assets.
However, not all debts are dischargeable under chapter 7 - this is something that you need to remember while considering chapter 7 vs. chapter 13 bankruptcy. Some debts such as taxes, fines, claims from alcohol-induced accidents and child support are not dischargeable even if all other debts are discharged after chapter 7 bankruptcy proceedings are over.
Similarly, there is a list of debts that cannot be discharged when filing under chapter 13 - this includes most non-dischargeable items under chapter 7 plus a few more items such as debts on payments that continue beyond the repayment plan instituted under chapter 13 bankruptcy proceedings. Your attorney will be able to apprise you of the dischargeable debts and the non-dischargeable kind in the preliminary discussions.
There are other factors affecting discharge that you may need to consider while doing a chapter 7 vs. chapter 13 bankruptcy comparison. If you have already received relief from debts under chapter 7, then you are not qualified for discharge under chapter 7 for the next 6 years and your only option may be to file for a discharge under chapter 13. In any case, it may be best to get the help of a good bankruptcy lawyer to deal with your case.
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