Chapter 7 Filing

Fresh Start Option

Chapter 7 allows the Debtor to get a "Fresh Start" by liquidating assets in order to pay down/pay off the debts. What ever debt is not able to be paid off is simply discharged through the Bankruptcy process, meaning that no further payments are due and all collection attempts by Creditors included in Bankruptcy Process.

Qualification for Chapter 7: Means Test must be met

Chapter 13 Filing

Reorganization of Debts

Chapter 13 is a reorganization of the outstanding debt. The Debtor is allowed to keep an amount of assets and allows the Debtor to spread the debt owed across 5 to 7 years. Whatever debt is not able to be paid off within that payment plan is discharged.

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