Should I File A Chapter 7 Or Chapter 13?

Which Chapter of Bankruptcy you file depends heavily on your individual case. You must meet with an attorney (face-to-face) in order to make this determination.

At a Consultation, you will go over your income for the “Means Test.” There are limits, based on the size of your household, on how much money you can make in the 6 months prior to filing your bankruptcy and qualify to file a Chapter 7. If your income is below these limits (they are generally not so high as to prevent the majority of persons from filing a Chapter 7) then a Chapter 7 is an option. Attention is then paid to assets, if they can be protected in a Chapter 7 then this is likely the chapter that would do you the most good in alleviating you from debt quickly and allowing you to get back on track with your life.

If your income is over the limit imposed by the Means Test, then you will have to file a Chapter 13. Other instances where you might choose to file a Chapter 13 rather than a Chapter 7 would include, needing to make up missed payments on a home or car to keep the property, working out tax debt, or out of a desire to pay back as much of your debts as you are able to for your own personal reasons.

The decision of which chapter to file under is highly individual and it cannot be stressed enough that to make the best decision (to accomplish what you need to regarding debt reduction/elimination and protect your assets) you will need to meet with an attorney who is well versed in the field of bankruptcy law.


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