http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/index.html LawInfo - Legal Resource Center offers free legal forms and free legal documents that is designed to help consumers and businesses resolve their legal issues http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/what-is-the-difference-between-a-chapter-7-an.html 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 bankruptcy is commonly filed by individuals who are left with very little after paying their basic monthly living expenses.  Under Chapter 7 bankruptcy, most debts are discharged with your bankruptcy. A Chapter 13 bankruptcy is a debt repayment plan that allows the filer to keep the property that would otherwise be lost due to the debt.  The repayment plan includes a lower or no interest rate which is approved by the bankruptcy court. Chapter 7 and Chapter 13 FAQs Thu, 13 Dec 2007 18:53:52 GMT http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/what-are-the-basic-requirements-for-filing-a-.html 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 be eligible.  The means test is a mathematical formula that courts use to determine whether the petitioner is abusing the system. The mathematical formula uses calculations which include your monthly income as calculated by law, multiplied by 60, which has to be greater than 25 percent of your unsecured debt or $6000 if the 25 percent is less than $6,000, or it must be greater than $10,000. Chapter 7 and Chapter 13 FAQs Wed, 12 Dec 2007 00:11:57 GMT http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/what-are-the-basic-requirements-for-filing-a-.html 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 must have regular income and, (2) the debtor must not have debts over a certain specified amount by law. Chapter 7 and Chapter 13 FAQs Thu, 13 Dec 2007 20:10:36 GMT http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/can-i-change-from-one-chapter-to-another-.html 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 bankruptcy. Chapter 7 and Chapter 13 FAQs Thu, 13 Dec 2007 18:57:05 GMT http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/will-all-of-my-debts-be-discharged-in-a-chapt.html 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 which are usually not removed include alimony, child support, and some tax debts.  Other debts also may not be discharged if the creditor convinces the court that the debt should not be discharged from bankruptcy. Chapter 7 and Chapter 13 FAQs Wed, 12 Dec 2007 00:11:50 GMT http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/if-i-file-for-chapter-7-bankruptcy-can-i-keep.html 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 bankruptcy. State law varies greatly but usually includes property that is worth less than a specified amount. Chapter 7 and Chapter 13 FAQs Thu, 13 Dec 2007 19:57:51 GMT http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/will-i-be-required-to-sell-my-assets-.html 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 property.  A second home or an extra vehicle will more than likely be required to be given up as well as cash, bank accounts, family heirlooms, collectibles, and other investments. Chapter 7 and Chapter 13 FAQs Thu, 13 Dec 2007 19:50:14 GMT http://resources.lawinfo.com/en/Legal-FAQs/Chapter-7-and-Chapter-13/Federal/what-is-the-difference-between-a-secured-debt.html 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 collateral (a house, car, or other property). Unsecured debts are debts that are not tied with any kind of property such as a credit card. Chapter 7 and Chapter 13 FAQs Thu, 13 Dec 2007 19:41:47 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy-Attorney/index.html Free Bankruptcy Attorney FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy-Lawyer/index.html Free Bankruptcy Lawyer FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy-and-Your-Credit/index.html Free Bankruptcy and Your Credit FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/Co-signers-Spouses-and-Others/index.html Free Co-signers, Spouses and Others FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/Debt-Relief-Bankruptcy/index.html Free Debt Relief FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/Filing-Bankruptcy/index.html Free Filing Bankruptcy FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/New-Bankruptcy-Law/index.html Free New Bankruptcy Law FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/index.html Free Types of Bankruptcy FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/index.html Free Your Assets and Bankruptcy FAQs Bankruptcy Sub-categories Sun, 29 Nov 2009 11:49:29 GMT