Chapter 7 & 13 Bankruptcy Forms

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Commonly Asked Questions about Chapter 7 & 13 Bankruptcy Forms

What is the downside to filing Chapter 13?

Cons of Filing Chapter 13 Bankruptcy Even missing payments risks dismissal, leaving no bankruptcy protection. Job loss, medical issues, and added expenses all strain the plan. 2. Certain Debts Remain: Common protected debts like most student loans, alimony, and child support cant be discharged in Chapter 13.

What happens to your debt when you file Chapter 13?

This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

What can you not do after filing Chapter 7?

That being said, heres what youre not allowed to do with a Chapter 7: Lie under oath about your financial or property assets. Keep property that must be used to discharge your debts. Miss payments to certain creditors in order to keep your home.

Is it better to file a Chapter 7 or 13?

Generally, Chapter 7 is more appropriate for simple cases while Chapter 13 for more complicated bankruptcies. Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets.

What happens to your bank account when you file Chapter 13?

Your bank account will generally remain unaffected by the filing, allowing you to manage your daily finances as usual. Credit Unions, under Michigan Law, do have a one-time right to set-off whatever funds are on deposit in your account on the date of the filing.

Does a Chapter 13 erase all debt?

Whether or not the court discharges your debt depends on the situation. First and foremost, Chapter 13 is a repayment plan. You can expect to pay down your debts for several years. Only then may a court eliminate some of your remaining debt if you meet specific requirements.

Can you file Chapter 7 and 13 together?

Chapter 7 Followed by a Chapter 13: If the debtor receives a Chapter 7 discharge in the first case, and the second case is a Chapter 13 case, he/she will not be able to receive a discharge in the Chapter 13 case unless at least 4 years pass between the filing of the bankruptcy petition in the first and second case.

What percentage of Chapter 13 bankruptcies are successful?

Chapter 13 should never be filed without a lawyer. Chapter 13 cases filed with an attorney already have only a 33% success rate; that number drops to a 2.3 % success rate without a lawyer. In fact, many bankruptcy trustees will tell you they have never seen a successful Chapter 13 case where a debtor was unrepresented.