WHY CHOOSE A CHAPTER 13 BANKRUPTCY OVER A CHAPTER 7?

Chapter 13 is usually better than Chapter 7 for the debtor who:

(a) has the ability to repay all of his/her creditors, but just needs a little more time or lower payment than the creditors are willing to accept;

(b) needs more time than the creditor is willing to give to get caught up on mortgage arrears and/or car payments;

(c) owns a home with a second mortgage and more is owed on the first mortgage than the home is worth (in which case you can “disconnect” the second mortgage!);

(d) owes a lot more on a car (purchased more than 910 days before filing) than the car is worth;

(e) has non-exempt assets that would be lost to the Trustee if Chapter 7 were filed;

(f) has one or more substantial debts that would possibly not be discharged under Chapter 7 (such as a recent tax debt); or

(g) is not eligible for a discharge under Chapter 7 because of a previous bankruptcy filing or for some other reason.

Rob Russell2021-03-12T19:30:43+00:00

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