legal bankruptcy questions
What is the difference in Chapter 13 and Chapter 7 bankruptcy?
Please give answers that are EASY to read and not the ones that I can search online w/ tons of legal jargon. I am trying to really understand this..
questions I have are:
what’s the difference?
which one can you keep your cars in?
which one would one need to eliminate credit card debt only?
There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of 2000, the fees for seeking bankruptcy relief are $160: a filing fee of $130 and an administrative fee of $30. Attorney fees are additional.
Chapter 13 allows persons with a steady income to keep property, like a mortgaged house or a car, that they otherwise might lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off a default during a three-to-five-year period, rather than surrender any property. After you have made all payments under the plan, you receive a discharge of your debts.
Known as straight bankruptcy, Chapter 7 involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools and basic household furnishings. Some of your property may be sold by a court-appointed official ,a trustee or turned over to your creditors. You can receive a discharge of your debts through Chapter 7 only once every six years.
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