When is filing a chapter 13 bankruptcy better than filing a chapter 7 bankruptcy?
Answer Remember, the biggest distinguisher between a chapter 7 bankruptcy and a chapter 13 bankruptcy is that under a chapter 7 bankruptcy you run the risk of losing your non-exempt assets, while under chapter 13 bankruptcy you most likely wont lose any asset. So if there are certain assets that you risk losing under a chapter 7 bankruptcy, like a home or a vehicle for example, then chapter 13 bankruptcy would be the best type of bankruptcy for you. Also, keep in mind that under applicable bankruptcy law an individual filing bankruptcy must qualify before being allowed to file a chapter 7 bankruptcy. Most people wanting to file bankruptcy do qualify for a chapter 7 bankruptcy filing but if your one of the few who do not then a chapter 13 bankruptcy would be your only alternative.
Related Questions
- I received a discharge in a Chapter 7 Bankruptcy, but some debts that could not be discharged remain. Can filing a Chapter 13 help me with these debts?
- What if I decided that I want to be in a Chapter 7 fresh start bankruptcy after filing a Chapter 13 bankruptcy?
- What is the difference between Chapter 7 and Chapter 13 when filing for bankruptcy?
