Bankruptcy In Brief

Bankruptcy information you can use

  • Home
  • Meet Cathy
  • Bankruptcy Basics
  • Should You File for Bankruptcy
  • Choosing a Lawyer
  • Life After Bankruptcy
  • Contents

Comparing Chapter 7 And Chapter 13

which bankruptcy chapter

Which chapter should I file ? is almost always the first question someone considering filing bankruptcy.

This chart highlights the differences between the two chapters most individuals select.

 Chapter 13Chapter 7
FeesPartial payment upfront possible- generally more expensive than 7 over life of planWide range depending on issues and location
TimingLess cash upfront required to file because fees can be paid through plan.No case can be filed until all fees are paid in most districts
Credit reporting7 years from the date of filing.10 years from the date of filing.
RiskTrustee generally supportive of your bankruptcy choice.More scrutiny. UST charged with finding “abusers”.
AssetsYou keep all your assetsYou keep all exempt assets; trustee may liquidate non-exempt assets.
ControlYou have right to dismiss the case; conversion to Chapter 7 is an optionDismissal unavailable; trustee directs case. Conversion possible
DischargeBroader discharge in 13More debts survive 7
Secured debtsPayable over life of plan; cure of mortgage arrears Prepetition terms control
CostsFiling fee $313; financial management class provided at no cost by trusteeFiling fee $338; financial management class paid for by debtor
401(k) loansRepayment permitted & deductible on means testRepayment excluded from allowable expenses for means test

Read more

How bankruptcy works

Will I lose my house

Can I get credit after bankruptcy

The power of Chapter 13

Bankruptcy Topics

Bankruptcy Basics

Should You File For Bankruptcy?

Impact of Filing Bankruptcy

Business Issues in Bankruptcy

Your Home and Bankruptcy

Life After Bankruptcy

You're Named in Bankruptcy

RSS From the Soapbox

  • Californians Can Now Keep Their Cars After Bankruptcy Without Reaffirmation
  • Bankruptcy Busts Taxes If The Timing Is Right
  • Has Your Social Security Number Been Suspended?
  • Which Spouse Is Liable For Debts In California
  • How To Pay For Bankruptcy When You’re Flat Broke

Contact Info

Moran Law Group
643 Bair Island Road
Suite 403
Redwood City, CA 94063

Phone 650.694.4700

Email [email protected]

Need Help in Southern California?

Consumer Help CentralConsumer Help Central
About the Author
 
 
Northern California bankruptcy lawyer Cathy is a 30+ year veteran of bankruptcy practice in the Silicon Valley. She is known for energetic representation of clients and her command of bankruptcy law.

 

Read More >

643 Bair Island Road | Suite 403 | Redwood City, CA 94063 | Phone: 650.694.4700 | 650.368.4700
Moran Law Group is a debt relief agency according to the U.S. Bankruptcy Code. We help people file for Bankruptcy.

All content copyright © 2023 Moran Law Group. All rights reserved.