This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Filing for Chapter 7 or Chapter13Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. Chapter13bankruptcy is discussed below.
If you’re at risk of losing your home, Chapter13bankruptcy could be your best option. When you’re going through the process of filing Chapter13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home.
Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter13 and Chapter 7. You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter13bankruptcy.
Chapter13Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. It works through reorganization, as opposed to liquidation, and you do not have to pass the Chapter 7 means test. Under Chapter13Bankruptcy, you have time and a plan in which to repay your debts.
Filing the wrong chapter Personal bankruptcies fall into two categories - Chapter 7 and Chapter13bankruptcies. It is important that you understand how these types of bankruptcies differ. Bankruptcy can give you a fresh start. Still, others delay the process in an attempt to “buy time.”
While the process can seem daunting, partnering with the right legal team can make all the difference in navigating the complexities of the law and securing the fresh start you deserve. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter13bankruptcy options.
For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. Those who are no longer able to pay their debts can, however, start over through a legal process. Do Bankruptcies Come in Different Types? Do Bankruptcies Come in Different Types?
However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter13. What is SecuredDebt? Secureddebts are a type of debt backed by an asset that is used as collateral.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content