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Compare Chapter 13 and Chapter 7 Bankruptcy Before Filing (Part B)

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Learning about your options when it comes to bankruptcy law is crucial, especially in times of economic distress. According to The New York Times, 2009's tally has increased by 38% compared to the same time last year. Discussing your options with bankruptcy lawyers will likely lead to talk of which type is right for you.

Learn the Basics of Bankruptcy Law Under Chapter 7

Chapter 7 bankruptcy does not involve creating a repayment plan. Instead, those who choose this option will sell their nonexempt assets, offering the proceeds to creditors to whom they owe money.

This type is available to both businesses and individuals, although according to BankruptcyHome.com, businesses typically prefer Chapter 11 over this kind. According to the same source, Chapter 7 is the most commonly filed type, as about 65% of those filing bankruptcy choose this chapter.

If you opt for this chapter, you will lose most assets. However, according to BankruptcyLawInformation.com, you can still usually keep your car, tools for work, and some basic furniture. Additionally, know that Chapter 7 usually erases most debts with the exception of child support, taxes, alimony, and the majority of student loans.

Similar to Chapter 13, this type will stay on your record for ten years, though during that time no creditor can come after you for payment. Some basic rules of Chapter 7 include:

• You should be prepared to lose your home or possibly shut down your business temporarily
• If it is determined you have enough disposable income to make monthly payments, you will be pushed into Chapter 13
• If you have filed for Chapter 7 in the past eight years you cannot file again

According to About.com, if your income is above the median for your state, you will be put through a test to determine how you can spend your money. Bankruptcy court can tell you how much you can spend in each category, so know that filing bankruptcy is not a good way to simply get rid of your debts if you can pay them back. Talking to bankruptcy lawyers can help.

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