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Chapter
13 Bankruptcy Basics
There
are two primary types of personal bankruptcy: Chapter 13 and
Chapter 7. Each must be filed in federal bankruptcy court.
The current filing fees are $185 for Chapter 13 and $200 for
Chapter 7. Attorney fees are additional and can vary widely.
The consequences of bankuptcy are significant and require
careful consideration.
Chapter 13 allows you, if you have a regular income and limited
debt, to keep property, such as a mortgaged house or car,
that you otherwise might lose. In Chapter 13, the court approves
a repayment plan that allows you to pay off a default during
a period of three to five years, rather than surrender any
property.
Chapter 7, known as straight bankruptcy, involves liquidating
all assets that are not exempt. Exempt property may include
cars, workrelated tools and basic household furnishings. Some
property may be sold by a court appointed official, a trustee,
or turned over to creditors. You can receive a discharge of
your debts under Chapter 7 only once every six years.
Consequences are significant and require consideration.
Both types of bankrupcy may get rid of unsecured debts and
stop foreclosures, repossessions, garnishments, utility shutoffs,
and debt collection activities. Both also provide exemptions
that allow you to keep certain assets, although exemption
amounts vary. Personal bankruptcie usually does not erase
child support, alimony, fines, taxes, and some student loan
obligations. Also, unless you have an acceptable plan to catch
up on your debt under Chapter 13, bankruptcy usually does
not allow you to keep property when your creditor has an unpaid
mortgage or lien on it.
http://www.ftc.gov/
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