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Chapter 7 vs. Chapter 13 Bankruptcy – Which Should You File?

If a person fails the means test or having a sufficient amount of income to pay off for some of your Debt then the court will require filing for chapter 13 or at least attempt to pay back for your Debt. If you are not having income or assets it would be better for you to file for chapter 7 bankruptcy since the majority of your Debt wiped out.


Most of the people having a significant amount of assets to protect will file for chapter 13 to avoiding selling those assets. You can consult with a Bankruptcy Lawyer for getting the best advice according to your situation.   If you have very low assets you would be qualified to file for Chapter 7 Bankruptcy. Moreover, your income is low or you don’t have enough money to make a debt payment plan you cannot afford the chapter 13 Bankruptcy plan. 

If your Debts are too high to pay down or due to medical bills or other expenses and you have exhausted by your resources trying to pay it down chapter 7 bankruptcy would be better for you. Chapter 7 bankruptcy will be the only way to get out of this situation from an enormous amount of debt and move on with your life.

If you have assets and you want to protect – in case of chapter 13 the court won’t allow you to sell any of your current assets because you are using your current asset to pay off. Chapter 13 bankruptcy would be the better choice for you. If you have regular income and have been making payments chapter 13 bankruptcy would allow you to make a payment plan that you can afford easily according to your payment. If you are still not sure to Hire a Bankruptcy Lawyer if you have more detailed or state-specific Questions.