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Personal Bankruptcy – Chapter 7 or Chapter 13 Best Choice

The bankruptcy law of the United States was established by the federal government and administered by the court. The purpose of the law is to reach an acceptable agreement between the bankruptcy applicant and the claimant. The law tries to get as much money as possible from the debtor without making it impossible for the debtor to do it. It is believed that nearly 1 million people will be bankrupt in the United States this year. They will consider applying for bankruptcy. This article will introduce the measures that can be taken if they decide to apply for personal bankruptcy.

The submission of Chapter 7 personal bankruptcy

is the most common form of personal bankruptcy. Essentially, this is how the court arranges to liquidate your assets and use that money to pay down debt. The process involves developing a list of personal assets that the court-appointed trustee will sell. The court will then allocate the funds in this process to all creditors. Chapter 7 bankruptcy costs about 300 US dollars. It can be submitted by individuals once every 7 years.

Submission to Chapter 13 Personal Bankruptcy

Chapter 13 is different from Chapter 7. The purpose of Chapter 13 is to reduce debt, but unlike Chapter 7, it does not offset debt. Again, it is managed by the trustee appointed by the court. The trustee will help you set up a payment plan. This is your agreement with your creditors in court. Once the payment plan is in place, you will find the money every month and hand it to the trustee. The trustee will then distribute the funds to the various creditors in court according to the agreement. The purpose of Chapter 13 is to give individuals an opportunity to pay their debts without losing all their assets. However, debt will not be offset until it is fully paid. This may take many years, depending on the sum of the arrears.

Both bankruptcies will lead you to clear your debt. One is faster than the other, but has longer thinking about your credit history. Before deciding whether it suits you, each standard has some criteria that are worth understanding. For example, Chapter 7 does not dispense with the liquidation of personal items unless it has a certain value. For example, your home cannot be tax-exempt unless you owe 80% of your mortgage. If it is worth less than $2,000, your car will not be tax-free. In Chapter 13, your unsecured debt must not exceed $250,000. Your guaranteed debt cannot exceed 750,000 U.S. dollars.

The bottom line is that before you apply for one or more chapters, you already understand the rules and regulations of each chapter. Hiring a lawyer who changes in the bankruptcy law may come up with an idea that he can advise you on the best choice for your specific case.

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