Chapter 7 & 13 Forms

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Commonly Asked Questions about Chapter 7 & 13 Forms

Which is more expensive Chapter 7 or Chapter 13?

While it can be a fresh start, filing for bankruptcy comes with costs, depending on the size, type and complexity of your debt. Filing Chapter 7 bankruptcy typically costs between $1,800 and $2,300 while a Chapter 13 filing can cost between $4,500 and $5,300.

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 are the advantages of Chapter 13 over Chapter 7?

A Chapter 13 case offers numerous advantages over a Chapter 7 for those with a lot of debt secured by property or collateral (vehicles, furniture, home, land, etc). Many of these debts can be extended, altered, reduced or restructured in the Chapter 13 Plan.

What is Chapter 13 and Chapter 7?

The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.

What does filing Chapter 7 mean?

A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtors nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in ance with the provisions of the Bankruptcy Code.

Is it cheaper to file Chapter 7 or 13?

What Is the Cheapest Type of Bankruptcy? Not only are the fees of Chapter 7 bankruptcy lower, but you also end up paying less to your creditors. While Chapter 7 only requires that you pay the value of your liquidated assets, a Chapter 13 bankruptcy could result in you paying far more over three to five years.

What is the downside of Chapter 7?

The main cons to Chapter 7 bankruptcy are that most secured debts wont be erased, you may lose nonexempt property, and your credit score will likely take a temporary hit.

What is the downside to filing Chapter 13?

Its a Long Term Commitment Filing Chapter 13 bankruptcy requires you to make a long-term commitment to the process. Tough To Get Credit or a Mortgage for 7 Years Other impacts include the inability to get credit cards at a good rate, and filing Chapter 13 makes it tough to get a mortgage.