Chapter 7 and Chapter 13 FAQs

• Q: What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?
  A: The decision on whether to file a Chapter 7 or Chapter 13 bankruptcy should be based on your circumstance and the kind of debts that you have incurred. A Chapter 7 … More
• Q: Can you declare bankruptcy on a Small Business Administration (SBA) loan?
  A: While the common perception is that you cannot discharge government loans in bankruptcy, in reality, many such loans can be discharged in bankruptcy.  The Small … More
• Q: What Are The Basic Requirements For Filing A Chapter 7 Petition For Bankruptcy?
  A: Each type of bankruptcy has its own requirements for filing. An individual who is filing for Chapter 7 bankruptcy is required to meet the “means test” to … More
• Q: What Are The Basic Requirements For Filing A Chapter 13 Petition For Bankruptcy?
  A: Each type of bankruptcy has its own requirements for filing. An individual who is filing Chapter 13 bankruptcy has two principal requirements:  (1) The debtor … More
• Q: Can I Change From One Chapter To Another?
  A: Yes. In general, you may convert your filing to one type of bankruptcy to another.  Proper procedure and requirements must still be fulfilled when converting your …
• Q: Will all of my debts be discharged in a Chapter 7 bankruptcy?
  A: No. It depends upon the type of debt.  Though bankruptcy filing does discharge most debts, there are certain debts which will not be removed.  These debts … More
• Q: If I file for Chapter 7 bankruptcy can I keep some of my property?
  A: In general, Chapter 7 bankruptcy gives up all of your non-exempt property.  Exempt property is property defined by state law which is not discharged from … More
• Q: Will I Be Required To Sell My Assets?
  A: Yes. A lot of your property which is deemed a necessity will not be released, but filing bankruptcy (Chapter 7) will often require you to give up certain types of … More
• Q: What Is The Difference Between A Secured Debt And An Unsecured Debt?
  A: In a Chapter 7 bankruptcy, a court may discharge unsecured debts but not secured debts.  Secured debts are money owed to a creditor that is protected with … More