A competent bankruptcy attorney can help you comprehend your liabilities, whether to contemplate repayment plans or liquidation, and which assets are likely to be retained and which will be lost. Your attorney will also explain the varieties of bankruptcy you can file and the advantages and disadvantages of chapter 7 versus chapter 13 bankruptcy.
The first thing you may discover is that while individuals can file for bankruptcy under either chapter 7 or chapter 13, businesses can only do so under chapter 13. Comparing the merits of chapters 7 and 13 is a process that will undoubtedly affect your final decision. All unsecured debts may be discharged under Chapter 7, while non-exempt assets may be liquidated to pay secured loans and priority creditors. Chapter 13 enables you to keep all of your assets while repaying your debts gradually under the supervision of a court-appointed trustee.
However, not all debts are dischargeable under Chapter 7; keep this in mind when deciding between Chapter 7 and Chapter 13 bankruptcy. Some debts, such as taxes, fines, claims from alcohol-related incidents, and child support, cannot be discharged even if all other debts are discharged following the conclusion of chapter 7 bankruptcy proceedings.
Similarly, there is a list of debts that cannot be discharged when registering under chapter 13 - this includes the majority of non-dischargeable items under chapter 7 as well as a few additional items, such as debts on payments that continue beyond the chapter 13 repayment plan. During initial consultations, your attorney will be able to inform you of the dischargeable and non-dischargeable debts.
In comparing chapter 7 and chapter 13 bankruptcy, you may need to take into account additional discharge-affecting factors. If you have already received debt relief under chapter 7, you are ineligible for a chapter 7 discharge for the next six years and your only option may be to petition for a chapter 13 discharge. In any event, it may be best to hire a competent bankruptcy attorney to handle your case.""
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