Bankruptcy Services Chapter 7
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Chapter 7 Vs. Chapter 13 Bankruptcy
Only those under a certain income level can file Chapter 7 Vs. Chapter 13, and chapter 7 is a much simpler process. That isn’t the only difference, if you own a house or a car, filing Chapter 7 may cause you to lose them. Some of the complications with bankruptcy filings:
- Alimony
- Child Support
- Student Loans
- Divorce
- Property Settlement
- Prior Bankruptcy
- Each bankruptcy court also has its own local rules
Chapter 7 Bankruptcy
Also known as “liquidation” since the debtor’s assets are sold for cash, only certain income levels will qualify for this chapter which was changed back in 2005, including a requirement of a “means test”. There are limits in this type of bankruptcy called bankruptcy exemptions such as:
- Homestead exemptions
- Car exemptions
- Exemptions for personal property
- Wildcard exemptions (Catch-all for property that does not fall into the other categories)