Tag Archives: Chapter 13 Bankruptcy

Why Would I Use Chapter 13 Bankruptcy Instead of Chapter 7?

Chapter 7 bankruptcy is often a great solution for people struggling to cope with large amounts of debt. It’s a much shorter process that Chapter 13 bankruptcy, and doesn’t require you to create and stick to a repayment plan. However, depending on your situation, you may be ineligible to file Chapter 7 bankruptcy, or you may even benefit more from filing Chapter 13 bankruptcy instead of Chapter 7. What If I Don’t Qualify for Chapter 7 Bankruptcy? Some people aren’t allowed to file Chapter 7 bankruptcy if their income is too high and/or they have too much wealth in assets. If you are ineligible to file for Chapter 7 bankruptcy, Chapter 13 is probably your best option. To determine whether or not you can file for Chapter 7, you have to take a bankruptcy means test. The test gauges your monthly income over the six months prior to filing bankruptcy,…
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