Closing down a failing business can be a lot smoother with a Chapter 7 case.
Filing Chapter 7 bankruptcy in the midst of letting go of your home can be a smart combination.
Chapter 13 protects you while you catch up on your vehicle loan, or you may not need to catch up on that loan at all.
If you expect to owe 2012 income tax, you may be able to take care of it simply by paying less to your other creditors.
One advantage of filing a Chapter 13 case is that you can get out of it at any time. But what happens if you do dismiss your case?
Filing bankruptcy with or without your spouse, and under Chapter 7 or Chapter 13, may affect what protections you each receive.
Filing bankruptcy with or without your spouse affects the discharge of debts you each receive, and also affects whether you file under Chapter 7 or 13.
Filing bankruptcy with or without your spouse affects the protection from creditors each of you receives, and also affects whether you file under Chapter 7 or 13.
Chapter 7 often protects you from creditors well enough. But if need be, Chapter 13 protects you longer.
“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 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.
Once garnished, that portion of your wages or salary is forever gone. With one exception.