March 13, 2013 (Press-News.org) Which type of bankruptcy is right for you?
Article provided by The Law Offices of Raymond J. Antonacci, LLC
Visit us at http://www.rjalegal.com
If you are considering bankruptcy, you typically have two different options to choose from: Chapter 7 and Chapter 13. You may have questions about which option is right for you. The answer: it depends on your personal situation.
In both types of bankruptcy, you eventually are granted a discharge, meaning that you no longer have to pay many of your outstanding debts. However, that is where the similarities end for the two types. For example, in Chapter 13, your debts are consolidated into a payment plan to be paid back in full or partially over time. In Chapter 7, on the other hand, some of your property may be sold to pay your debts. However, this does not occur in the majority of cases.
Eligibility to file
To qualify for Chapter 7, you must first show that you lack the financial means to pay your debts. To accomplish this, you must undergo a means test and provide the court information about the property you own, you income and your debts. If your income is too high, you may not qualify for Chapter 7 bankruptcy.
Chapter 13 bankruptcy, on the other hand, is easier to qualify for. Your eligibility is determined by the amount of debt that you have. Currently the limit is $360,445 of unsecured debt, which is debt that is not secured by collateral, such as credit card debt or medical bills. Additionally, you cannot have more than $1,081,400 in secured debt--debt where collateral is required to complete the transaction (e.g. a mortgage or car loan).
How debt is handled
Another of the main differences between the two types of bankruptcy is how they treat your debts.
-Mortgages and car loans: In Chapter 13, you will likely be able to keep your house or car as long as you continue to make payments under the payment plan. In many cases, you may keep your house in Chapter 7; however, you may have to give up a second home or car.
-Alimony, child support and student loans: None of these debts can be discharged in either type of bankruptcy. If you cannot pay these debts off by the end of a Chapter 13 bankruptcy, you will still owe the remaining balance.
-Nonsupport debts owed because of a divorce or property settlement agreement: In Chapter 7, if your spouse objects, you will have to continue paying the debt unless you can show that you will still be unable to pay the debt after bankruptcy. In Chapter 13, any remaining balance will be discharged once the bankruptcy has been completed.
-Co-debtors: In Chapter 7, creditors can go after co-debtors for payment of the debt. In Chapter 13, co-debtors are protected against creditors.
Length of bankruptcy
Although you receive a discharge of your debt at the completion of both bankruptcies, the time it takes to complete differs between the two. Chapter 13 bankruptcy can take between three to five years to complete. However, Chapter 7 can take as little as three to four months.
An attorney can help
This is just a brief summary of some of the main differences between the two types of bankruptcy. As bankruptcy law is complex and full of exceptions, it is in your best interests to consult with an experienced bankruptcy attorney to determine the type of bankruptcy that is right for you.
Which type of bankruptcy is right for you?
Choosing between Chapter 7 and Chapter 13 can be difficult.
2013-03-13
ELSE PRESS RELEASES FROM THIS DATE:
Child custody and visitation in Michigan
2013-03-13
Child custody and visitation in Michigan
Article provided by Law Office of Michael A. Robbins, PLLC
Visit us at http://www.michaelarobbins.com
Michigan couples considering a divorce have a lot to think about. Thinking about divorce is even more complicated when children are involved. Michigan child custody laws are in place to protect children and help create a post-divorce setting that is best for them.
Types of child custody in Michigan
In Michigan there is both physical custody and legal custody. Physical custody refers to where the child will actually ...
Possible changes to DWI laws in North Carolina
2013-03-13
Possible changes to DWI laws in North Carolina
Article provided by Barnett & Falls
Visit us at http://www.barnettfalls.com
Several recent proposals under consideration at the North Carolina legislature would increase penalties for first time and repeat DWI offenders. The changes are part of a pattern to stiffen DWIpenalties in the state.
The first bill changes the definition of habitual offender. Under current law, a DWI habitual offender is someone charged with four DWIs in a ten-year period. The habitual offender charge is a felony. Penalties for a Class ...
OMG! California proposes tougher distracted driving laws for teens
2013-03-13
OMG! California proposes tougher distracted driving laws for teens
Article provided by Law Office of Daniel J. O'Neill
Visit us at http://www.danieljoneill.com
Because of the danger that distracted drivers, particularly those in the teenage years cause, many states have passed laws banning activities ranging from texting or using hand-held cellphones while behind the wheel. In California, it is illegal for drivers younger than 18 to use a cellphone (hand-held or hands-free) while behind the wheel. Additionally, there is a statewide ban on texting while driving for ...
Statistics show traffic fatalities rising in the US
2013-03-13
Statistics show traffic fatalities rising in the US
Article provided by Schuster Jachetti LLP
Visit us at http://www.mydelawarelawyer.com/
Every year since 2005, the number of fatalities caused by motor vehicle accidents has declined -- until 2012. According to data released by the National Safety Council, a non-profit organization, more people were killed in auto accidents in 2012 than the year prior.
The NSC reported that approximately 36,200 people were killed in motor vehicle crashes in 2012, representing a 5 percent increase from the year before. The NSC ...
Fiscal-cliff law settles federal estate tax for now
2013-03-13
Fiscal-cliff law settles federal estate tax for now
Article provided by The Haley Law Group, LLC
Visit us at http://www.haleylawgroup.com
Estate and tax planning have been complicated in the past decade or so by the fluctuating and uncertain federal estate tax. Thanks to last-minute action by Congress and President Obama, the top federal estate tax rate is set at 40 percent going forward on estates over $5 million. Adjusted for inflation, the first $5.25 million in estate assets will be exempt from federal estate tax for those dying in 2013.
Estate taxes
An ...
Does Michigan need stricter distracted driving laws?
2013-03-13
Does Michigan need stricter distracted driving laws?
Article provided by MATZ & PIETSCH PC
Visit us at http://www.matzandpietsch.com
In the age of cellphone addiction, distracted drivers have become a common phenomenon on our roadways -- often leading to serious motor vehicle accidents. In 2011, the National Highway Traffic Safety Administration reported that 3,331 people lost their lives in distracted driving accidents across the country. In addition, approximately 387,000 people sustained personal injuries in such crashes that year.
To prevent these dangerous ...
Resolving workers' compensation disputes through a formal claim petition
2013-03-13
Resolving workers' compensation disputes through a formal claim petition
Article provided by Kaplan & Kaplan Counselors at Law
Visit us at http://www.workerscompensationlawyersnj.com
People who are injured on the job or who acquire an illness or disease through their work do not have to prove fault by their employers to receive compensation for their medical care and related expenses. Certain requirements still apply, though, and workers must demonstrate that the injury or illness was caused or aggravated by a work act, exposure or accident that occurred in ...
Barking up the wrong tree: Florida drug-sniffing dogs given free rein
2013-03-13
Barking up the wrong tree: Florida drug-sniffing dogs given free rein
Article provided by The Law Office of Gustavo E. Frances, P.A.
Visit us at http://www.lauderdaledefense.com
The Fourth Amendment protection against unreasonable searches and seizures took a big hit recently when the U.S. Supreme Court overturned a decision issued by Florida's highest state court. The U.S. court ruled that any court in the nation can presume that a search is valid if law enforcement officials state it was based on an alert by a drug detection dog.
The underlying case stems from ...
Medical errors can lead to cerebral palsy
2013-03-13
Medical errors can lead to cerebral palsy
Article provided by Joseph Chaiken & Associates
Visit us at http://www.jchaikenlaw.com
According to the Centers for Disease Control and Prevention, about 1 out of 303 children in America are born with cerebral palsy. Additionally, according to the United Cerebral Palsy Association, more than 500,000 Americans have the disorder. Although there are many causes, medical errors made before or during birth cause a significant number of cases.
What is cerebral palsy?
Cerebral palsy is a group of neurological disorders ...
Damage caused by TBI can linger for years
2013-03-13
Damage caused by TBI can linger for years
Article provided by The Hirsch Law Firm, PLLC
Visit us at http://www.jonhirschlaw.com
Traumatic brain injuries (TBIs) are a common problem across the nation. According to the Centers for Disease Control and Prevention, about 1.7 million Americans suffer a TBI each year. The medical community has long known about the short-term brain damage that TBIs can cause. However, a recent study suggests that the brain injury caused by TBIs can last much longer than previously thought.
Researchers at the University of South Florida ...
LAST 30 PRESS RELEASES:
Thirty-year mystery of dissonance in the “ringing” of black holes explained
Less intensive works best for agricultural soil
Arctic rivers project receives “national champion” designation from frontiers foundation
Computational biology paves the way for new ALS tests
Study offers new hope for babies born with opioid withdrawal syndrome
UT, Volkswagen Group of America celebrate research partnership
New Medicare program could dramatically improve affordability for cancer drugs – if patients enroll
Are ‘zombie’ skin cells harmful or helpful? The answer may be in their shapes
University of Cincinnati Cancer Center presents research at AACR 2025
Head and neck, breast, lung and survivorship studies headline Dana-Farber research at AACR Annual Meeting 2025
AACR: Researchers share promising results from MD Anderson clinical trials
New research explains why our waistlines expand in middle age
Advancements in muon detection: Taishan Antineutrino Observatory's innovative top veto tracker
Chips off the old block
Microvascular decompression combined with nerve combing for atypical trigeminal neuralgia
Cutting the complexity from digital carpentry
Lung immune cell type “quietly” controls inflammation in COVID-19
Fiscal impact of expanded Medicare coverage for GLP-1 receptor agonists to treat obesity
State and sociodemographic trends in US cigarette smoking with future projections
Young adults drive historic decline in smoking
NFCR congratulates Dr. Robert C. Bast, Jr. on receiving the AACR-Daniel D. Von Hoff Award for Outstanding Contributions to Education and Training in Cancer Research
Chimpanzee stem cells offer new insights into early embryonic development
This injected protein-like polymer helps tissues heal after a heart attack
FlexTech inaugural issue launches, pioneering interdisciplinary innovation in flexible technology
In Down syndrome mice, 40Hz light and sound improve cognition, neurogenesis, connectivity
Methyl eugenol: potential to inhibit oxidative stress, address related diseases, and its toxicological effects
A vascularized multilayer chip reveals shear stress-induced angiogenesis in diverse fluid conditions
AI helps unravel a cause of Alzheimer's disease and identify a therapeutic candidate
Coalition of Autism Scientists critiques US Department of Health and Human Services Autism Research Initiative
Structure dictates effectiveness, safety in nanomedicine
[Press-News.org] Which type of bankruptcy is right for you?Choosing between Chapter 7 and Chapter 13 can be difficult.