How do I know which Chapter of bankruptcy to file?

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How do I know which Chapter of bankruptcy to file?

What kind of assets do you need for liquidation to file? How much does this cost to file? I don’t know which is best for me or which one I even qualify for.

Asked on August 6, 2012 under Bankruptcy Law, Washington

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

It would be advisable for you to speak with a bankruptcy attorney.  There are different categories of debts to include in your bankruptcy; for example, unsecured debts, secured debts, etc.  An example of an unsecured debt would be a credit card.  An example of a secured debt would be a car loan.  The bankruptcy schedules (forms) list the categories of debts you would include in your bankruptcy along with additional required information such as monthly expenses.  Depending on your income and other factors, you may be eligible to file Chapter 7 bankruptcy, which is straight liquidation that eliminates debt.  If you are not eligible to file Chapter 7, you will need to file Chapter 13.  A Chapter 13 bankruptcy requires a plan (budget) for repayment of creditors.


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