Chapter 7 and 13 Forms

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Commonly Asked Questions about Chapter 7 and 13 Forms

What is better to file Chapter 7 or Chapter 13?

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. However, if you do not have those kinds of debt or assets, or not much in terms of tangible assets, then Chapter 7 would likely be the faster and easier option.

What are the cons of converting Chapter 13 to 7?

Cons to Converting a Chapter 13 Bankruptcy to a Chapter 7 You might lose property. You might not be able to wipe out your debt in Chapter 7. Creditors might start hounding you. You might not qualify. It might be too soon for a Chapter 7 discharge. Catch up informally. Modify your payment.

Is it better to file Chapter 7 or 13?

Chapter 7 bankruptcy typically discharges your obligations and allows you to get on with your life much faster than Chapter 13, which gives you a chance to maintain your property. The tradeoff for Chapter 13: You complete a court-ordered repayment plan, which can take three to five years.

Can I convert my Chapter 7 to a 13?

You can initiate the process by filing a motion with the court, explaining why you want to convert the case. The court is likely to grant you this opportunity unless you are ineligible or show bad faith. An example of bad faith could include concealment of assets in the Chapter 7 case.

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.

Can you be turned down for Chapter 13?

Your Debts Cant Be Too High You wont qualify for Chapter 13 bankruptcy if your secured and unsecured debts exceed certain amounts. Start by learning about the current Chapter 13 debt limits and strategies to meet them. You can verify the amounts on the U.S. Courts Chapter 13 Bankruptcy Basics webpage.

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.

How many years after Chapter 7 can I file Chapter 13?

Four years: Chapter 13 after Chapter 7 Youll need to wait at least four years before filing a Chapter 13 bankruptcy after a Chapter 7 case. However, you can possibly avoid this waiting period if Chapter 13 is filed immediately, with the stipulation that your new case cant be discharged.