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Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Determining your eligibility for Chapter 7 or Chapter 13 bankruptcy involves passing a means test based on your income and expenses. The calculations can be complex, and errors might disqualify ...
There are two common types of bankruptcy: Chapter 7 and Chapter 13. ... To qualify, you need to earn a regular income and agree to a repayment plan approved by the court. A trustee will work with ...
Chapter 7 and Chapter 13 bankruptcy are common options for individuals with unmanageable debt. ... Chapter 13 modifies your current debt payments to make them more affordable based on your income.
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined ...
Prior to the BAPCPA Amendments, debtors of all incomes could file for bankruptcy under Chapter 7. BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state.
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