You’ll want to understand the basics of bankruptcy when deciding whether filing for bankruptcy is right for you. The first step is to learn about bankruptcy by reading overview articles explaining what bankruptcy is, the differences between Chapter 7 and Chapter 13 bankruptcy, and how each type of bankruptcy works.
For instance, you’ll want to know whether you can keep important property, such as your house and car, before filing for Chapter 7 bankruptcy. If you might lose it in Chapter 7, Chapter 13 could help. In most cases, Chapter 13 is the better choice when your home is in foreclosure. It can also help you save a car from repossession.
Another essential topic to explore is bankruptcy qualification, and many of our overview articles explain who can file for Chapter 7 and Chapter 13. People with lower incomes—or with higher incomes and significant allowable expenses—will usually qualify for Chapter 7 bankruptcy. Chapter 13 bankruptcy requires regular and often considerable income to qualify.
What you need to know about Chapter 7 and Chapter 13 bankruptcy.
When considering filing for bankruptcy, making sense of the bankruptcy process and the available options can be challenging. Our bankruptcy guide not only answers your bankruptcy questions but also explains the three types of bankruptcy available, Chapter 7 bankruptcy, Chapter 13 bankruptcy, and Chapter 11 bankruptcy, so you can navigate the bankruptcy process successfully when filing for bankruptcy in 2024.
Chapter 7 vs. Chapter 11 Bankruptcy
People considering small business bankruptcies often struggle with choosing between Chapter 7 vs. Chapter 11 bankruptcy. This article explains which chapter of bankruptcy works best for businesses as opposed to individuals and why. Also, learn how bankruptcy rules differ depending on whether an individual or small business files for Chapter 11 vs. Chapter 7 bankruptcy.
What Bankruptcy Can and Cannot Do
Bankruptcy is a powerful tool for debtors, but some kinds of debts can't be wiped out in bankruptcy.
Involuntary bankruptcies are rarely filed against individuals. Learn more.
The Differences Between a Charge Off and Repossession in Bankruptcy
How a charge off or repossession is handled in a bankruptcy depends on what the original debt was for, whether the debt was secured by collateral, and what type of bankruptcy is being filed. Regardless of whether it is a charge off or repossession, it is important to include the debt in any bankruptcy filing in order to obtain a discharge (eliminate) of the debt.
An Overview of Chapter 13 Bankruptcy
People who earn a significant income or want to protect valuable property will file for Chapter 13 bankruptcy. In exchange for debt relief, these filers pay their discretionary income to creditors in a three- to five-year repayment plan. Learn how the Chapter 13 bankruptcy process works, including how much you'll pay in your Chapter 13 repayment plan.
A Chapter 7 Bankruptcy Overview
Learn the basics about Chapter 7 bankruptcy, how it works and what it can do.
What Are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?
Check out our handy table listing the differences between Chapter 7 and Chapter 13 bankruptcy.
Chapter 12 Bankruptcy for Farmers & Fishermen
Chapter 12 bankruptcy is a reorganization bankruptcy for family farmers and fisherman.
Common Types of Real Property Ownership
When you file for bankruptcy, you must list your legal interest in your real estate. Here are some of the common types of property ownership.
When Is a Bankruptcy Claim Contingent, Unliquidated, or Disputed?
When you file for bankruptcy, you fill out a large packet of forms in which you provide detailed information about your debts, property, and finances.
Which Debts Can You Discharge in Chapter 7 Bankruptcy?
Chapter 7 bankruptcy clears debt like credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months. Learn more about the debts that are "discharged" or eliminated when filing for Chapter 7 bankruptcy protection.
Debts Discharged at the End of Chapter 13 Bankruptcy
When you complete your Chapter 13 bankruptcy, most of your debts are wiped out by your discharge. Find out which debts are discharged by Chapter 13 that would remain after a Chapter 7 discharge.