Re: cahpter 7 or 13???

Filing Bankruptcy Chapter 7 and Chapter 13 Personal Bankruptcy

[ Follow Ups ] [ Post Followup ] [ The Bankruptcy Forum ] [ FAQ ]

Posted by: Elmo on 07/30/03:

In Reply to: cahpter 7 or 13??? posted by: susan l. on July 30, 2003 at 09:47:38:

: What are the pro's and cons?
: thanks in advance.
What you're asking is a little vague when you consider that your case will have it's own unique pro's & con's once the details are plugged in.
This would include the assets you have, the assets you want to keep, the value and equity in the assets, your state’s exemptions, your total debt, the types of debt you have and your income. In general, a short list of the pros & cons would include:
Ch 13 Pro: If you qualify, you can keep what you have no matter how much you owe.
Ch 7 Pro: Your debts are discharged and you’re done in 4-5 months.
Ch 13 Con: You may have to live like a pauper for 3-5 years on a rigid court-assigned budget. Changes in income or expenses over the 3-5 year term can severely cramp your already cramped lifestyle.
Ch 7 Con: You have no control over assets the Court will liquidate to ‘administer’ your estate.
Lots of other pros & cons depending on your case. Post some of the details and people here will help sort things out.

Follow Ups:

Post a Followup

Name    : 
E-Mail  : 

Subject  : Re: Re: cahpter 7 or 13???

Comments:
: : What are the pro's and cons?
: : thanks in advance.

: What you're asking is a little vague when you consider that your case will have it's own unique pro's & con's once the details are plugged in. 

: This would include the assets you have, the assets you want to keep, the value and equity in the assets, your state’s exemptions, your total debt, the types of debt you have and your income. In general, a short list of the pros & cons would include:

: Ch 13 Pro: If you qualify, you can keep what you have no matter how much you owe.

: Ch 7 Pro: Your debts are discharged and you’re done in 4-5 months.

: Ch 13 Con: You may have to live like a pauper for 3-5 years on a rigid court-assigned budget. Changes in income or expenses over the 3-5 year term can severely cramp your already cramped lifestyle.

: Ch 7 Con: You have no control over assets the Court will liquidate to ‘administer’ your estate.

: Lots of other pros & cons depending on your case.  Post some of the details and people here will help sort things out.





 
Return To The Bankruptcy Forum

[ Follow Ups ] Post Followup ] [ The Bankruptcy Forum ] [ FAQ ]