If your divorce decree obligates you to pay other than child or spousal support, Chapter 13’s “super discharge” may hugely help.
Bankruptcy doesn’t write off criminal fines, fees, or restitution. So why think about bankruptcy if you have, or expect to have, such debts?
Bankruptcy can protect you from your co-signer. Or instead can protect your co-signer from the creditor.
Put aside all the detailed advantages and disadvantages of these 2 options. The core difference is how each uses time in your favor.
If you can’t discharge your income tax debt through Chapter 7, or make workable payment arrangements on your remaining tax debt, then Chapter 13 can be a good solution
Ongoing litigation, or the threat of it, against you and/or your business usually dies with your bankruptcy filing.
Saving the vehicle sometimes is not the best option, so Chapter 7 bankruptcy gives you a safe way out.
Chapter 7 bankruptcy can often also wipe judgment liens off the title to your home.
You can usually change from an ongoing straight Chapter 7 case into a Chapter 13 payment plan. But getting out of bankruptcy altogether is generally not allowed.
Finding the best way out of this seeming Catch-22 depends on a full understanding of your unique situation and your goals.
Bankruptcy can protect your car or truck. Both Chapter 7 and 13 can, but which do you need?
Chapter 7 deals with some debts better than does Chapter 13. But Chapter 13 deals with some other debts better than Chapter 7. So what kind of debts do you have?
In bankruptcy you hear a lot about “the trustee.” What does this person do, in a “straight” Chapter 7 case, and in an “adjustment of debts” Chapter 13 one?
Question #1 for cleaning up financially after a failed business: can the business file a bankruptcy without you? Question #2: should it?
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?”
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