In deciding between Chapter 7 and 13, get this question out of the way right away: “Can I keep everything I own if I file a Chapter 7 case?”
If you qualify for both Chapter 7 and 13, look closely at how much you’d be helped by Chapter 13 before choosing Chapter 7 merely because it’s simpler.
Chapter 13 costs much more than Chapter 7, takes about 10 times as long, so you do a Chapter 7 if possible, right?
The most respected early commentator on the Constitution fills in some historical gaps about bankruptcy and leads it in a better direction.
Too much debt can disqualify you from filing under Chapter 13.
The amount of your income may not disqualify you from Chapter 7.
If you don’t qualify for either Chapter 7 or 13, do you have to do a very expensive Chapter 11 reorganization? Or could you still qualify after all?
“Straight” Chapter 7 bankruptcy can give some relief for dealing with your back and current income taxes, but Chapter 13 can help so much more.
If you were already on the financial edge and just found out you owe a bunch of income taxes, here is how bankruptcy can help.
If you need bankruptcy protection but already filed a bankruptcy case within the last few years, you may still be able to file a new one now.
If you and someone else jointly owe a debt, bankruptcy can protect you against the debt and against your co-signer. Or if you want, bankruptcy can protect your co-signer.
If you owe income taxes, and are at the point that the IRS is about to seize your assets, you need to consider bankruptcy. It can help in surprising ways.
If you’re behind on child or spousal support, the support enforcement agency can be extremely aggressive. Chapter 7 doesn’t help much. Chapter 13 CAN.
Straight Chapter 7 bankruptcy gives very limited help if you’re behind on your vehicle and need to keep it. And Chapter 13? Provides much more help.
Bankruptcy stops a vehicle repo from happening. But what then?