Can I File for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy

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Can I File for Chapter 7 or Chapter 13 Bankruptcy?


Deciding to file for bankruptcy can be a tough choice, often clouded by misconceptions. However, bankruptcy is essentially a legal process designed to create a fair balance between debtors and creditors, offering individuals a fresh start.

Understanding Bankruptcy Options


The two most common types of bankruptcy for individuals are Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy


Also known as "straight bankruptcy," Chapter 7 involves the liquidation of non-exempt assets. This means your assets may be sold to pay off unsecured debts such as credit cards, loans, and medical bills. In most cases, individuals do not lose property, and unsecured creditors receive nothing. Typically, about 3-4 months after filing, remaining debts are discharged, freeing you from obligations to pay them.

Chapter 13 Bankruptcy


Chapter 13 focuses on debt reorganization. If you have a regular income, this type of bankruptcy lets you consolidate debts like mortgage arrears, car payments, credit cards, and more into a single monthly payment. With this plan, which lasts 3-5 years, you won’t risk losing assets. Creditors must route communications through your attorney and the court.

A Fresh Start


Millions have turned to bankruptcy for relief and a fresh start. Contrary to popular belief, bankruptcy doesn't permanently ruin your credit; you’ll still be able to access credit. While bankruptcy laws underwent changes in 2005, the fundamental aspects remain largely intact.

By understanding these options, you can make informed decisions about your financial future.

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