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Things to Know

7 things to know about chapter 7

1 | You probably qualify, don’t get hung up on the “means test” and your income

2 | Your house is likely protected and you can keep it and keep paying for it

3 | Your car is likely protected and you can keep it and keep paying for it

4 | The property you already own is protected, in most instances

5 | Once the case is filed, creditors must leave you alone or they will deal with me!

6 | Though it’s called “liquidation”, it is uncommon for folks who file ch 7 to be forced to liquidate anything

7 | Husband and Wife can file a joint case for the same price it costs to file an individual case

13 things to know about chapter 13

1 | A protective bubble immediately goes around you and protects you from creditors while you reorganize your financial matters

2 | You can stop a foreclosure and catch up your mortgage payments

3 | You can stop a repossession and catch up your car payments

4 | You can stop a garnishment and maybe even get back some or all of the money that was garnished

5 | You can protect a co-signer and catch up on the payments that you owe on the joint debt

6 | It stops additional interest from being added to credit card debt

7 | You can pay off tax debt without any additional interest, late charges or penalties being added

8 | You may be allowed as long as 60 months to reorganize your financial matters

9 | Husband and wife can file together or they can file separately

10 | Your retirement accounts are protected in full when you file Ch 13 or Ch 7

11 | Creditors cannot call you, sue you, garnish you or add any interest or late charges while you are reorganizing in a ch 13

12 | Even if you are in a ch 13, you can purchase a car or house

13 | Rather than liquidating any unprotected property, you can keep your property and simply pay the creditors a set amount over a period of time up to 60 months