How do I know which Chapter of bankruptcy to file?

UPDATED: Aug 6, 2012

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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


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

Answered 10 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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