Differences between Chapter 7 and Chapter 13 Bankruptcy
Before we get into the differences between the two most common types of Bankruptcy, please understand why i felt was important to include this page. For many, the idea of going Bankrupt itself as a remedy for foreclosure is the first thing that comes to mind. If this is you, I would like to take a second to shatter your dreams and mention that filing for Bankruptcy will not save your home from foreclosure. However, it can have some value when used as a one of many weapons in your arsenal in your foreclosure defense case. After reading this article, feel free to take a look at Fraudstoppers Free Bankruptcy Docs, that allow you to file your own bankruptcy. If you are interested in how you can make filing chapter 13 and chapter 7 more effective, by joining our private members association you will get access to elite strategies that cant turn the tables on your mortgage lender.
Watch this video for information on how to get free bankruptcy documents and information about a little known bankruptcy secrete and controlling case law that you could use to get clear and free title to your home using the bankruptcy courts.
What Are The Differences between a Chapter 13 and Chapter 7 Bankruptcy?
What is a Chapter 7 Bankruptcy? Chapter 7 Focuses Liquidation
What is a Chapter 13 Bankruptcy? Chapter 13 Reorganization
Who Can File a Chapter 7 Bankruptcy? Individuals and Business Entities
Who Can File a Chapter 13 Bankruptcy? Individuals Only (Including Sole Proprietors)
What are the Eligibility Restrictions for a Chapter 7 Bankruptcy? Disposable Income Must Be Low Enough to Pass the Chapter 7 Means Test
What are the Eligibility Restrictions for a Chapter 13 Bankruptcy? Cannot Have More Than $383,175 of Unsecured Debt or $1,149,525 of Secured Deb
How Long Does It Take to Receive a Discharge in a Chapter 7 Bankruptcy? Typically Three to Five Months
How Long Does It Take to Receive a Discharge in a Chapter 13 Bankruptcy? Upon Completion of All Plan Payments (Usually Three to Five Years)
What Happens to Property in Chapter 7 Bankruptcy? Trustee Can Sell All Nonexempt Property to Pay Creditor
What Happens to Property in Chapter 13 Bankruptcy? Debtors Keep All Property But Must Pay Unsecured Creditors an Amount Equal to Value of Nonexempt Assets
Does a Chapter 7 Bankruptcy allow removing unsecured junior liens from real property through lien stripping? No
Does a Chapter 13 Bankruptcy allow removing unsecured junior liens from real property through lien stripping? Yes (If Requirements Are Satisfied) (Learn about lien stripping.)
Does a Chapter 7 Bankruptcy allow reducing the principal loan balance on secured debts through a Loan cramdown? No
Does a Chapter 13 Bankruptcy allow reducing the principal loan balance on secured debts through a Loan cramdown? Yes (If Requirements Are Satisfied) (Learn about cramdowns in bankruptcy.)
What are the Benefits of a Chapter 7 Bankruptcy? Allows Debtors to Quickly Discharge Most Debts and Get a Fresh Start
What are the Benefits of a Chapter 13 Bankruptcy? Allows Debtors to Keep Their Property and Catch Up on Missed Mortgage, Car, and Nondischargeable Priority Debt Payments
What are the Disadvantages of a Chapter 7 Bankruptcy? Trustee Can Sell Nonexempt Property, Does Not Provide a Way to Catch Up on Missed Payments to Avoid Foreclosure or Repossession.
How Much Does it Cost to File Bankruptcy? The Cost of Filing a bankruptcy can vary by location and who prepares the Bankruptcy. At Fraudstoppers, you can file your own bankruptcy for free.
hat are the Disadvantages of a Chapter 7 Bankruptcy? You Make Monthly Payments to the Trustee for Three to Five Years, and You May Have to Pay Back a Portion of General Unsecured Debts.
Find a Bankruptcy Lawyer near you
Talk to a Bankruptcy Lawyer without getting charged hourly fees with a LegalShield membership today. Get started right now and for less than $20 a month you can have the a legal coverage and or identity theft protection program. Click here for more information https://fraudstoppers.org/legalshield
If you have questions about Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, Bankruptcy Attorney, Bankruptcy Law Firms, Bankruptcy, Bankruptcy 11, Bankruptcy programs, Bankruptcy foreclosure defense options, Chapter 7 plans and options, Chapter 11 plans and options, Chapter 13 plans and options, Collections Defense, Wage Garnishment, Bankruptcy Foreclosure defense options and plans, Credit Card Debt elimination, Credit Card reduction, Repossessions, Means Tests, or any other bankruptcy questions we encourage you to get a LegalShield membership today by clicking here.
Free Securitization and Mortgage Fraud Analysis
Complete this intake form and our Investigations Department will conduct a free securitization search and mortgage fraud analysis.
This complimentary securitization search and loan look up service is only a preliminary screening to see if your loan has been securitized. We do not give out the names of trusts in this preliminary search. This is ONLY to assist prospective clients in determining if a COTA Investigation and litigation is warranted.
If you have questions about the Differences between Chapter 7 and Chapter 13 Bankruptcy, What is a Chapter 7 Bankruptcy, What is a Chapter 13 Bankruptcy, Who Can File a Chapter 7 Bankruptcy, Who Can File a Chapter 13 Bankruptcy, Chapter 7 Bankruptcy Eligibility Restrictions, Chapter 13 Bankruptcy Eligibility Restrictions, Chapter 7 Bankruptcy Discharge Chapter 13 Bankruptcy Discharge, Chapter 7 Bankruptcy unsecured junior liens, Chapter 7 Bankruptcy lien stripping, Chapter 13 Bankruptcy, unsecured junior liens, real property, lien stripping, Chapter 7 Bankruptcy, Loan Cramdown, Chapter 13 Bankruptcy Loan cramdown, Benefits of a Chapter 7 Bankruptcy, Benefits of a Chapter 13 Bankruptcy, Disadvantages of a Chapter 7 Bankruptcy, What are the Disadvantages of a Chapter 7 Bankruptcy Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Bankruptcy Attorney, Bankruptcy Law Firms, Bankruptcy, Bankruptcy 11, Bankruptcy program, Bankruptcy, Chapter 7, Chapter 11, Chapter 13, Collections Defense, Wage Garnishment, Foreclosure, Credit Card Debt, Repossession, Means Tests, Bankruptcy Foreclosure defense options and plans, Credit Card Debt elimination, Credit Card reduction, Chapter 7 plans and options, Chapter 11 plans and options, Chapter 13 plans and options, Collections Defense; contact us today for help at 844-372-8378
For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Fraudstoppers PMA
Feel free to connect with us . . .
Address: 332 S Michigan Avenue Suite 1032 #F513 Chicago IL 60604-4434 Phone: 844-372-8378
DISCLOSURE: NOTICE OF Copyright © 2017 FRAUD STOPPERS, FRAUD STOPPERS PMA. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Legal Information is NOT Legal Advice: This site provides “information” that is only designed to help users safely cope with their own general legal needs. Legal information is NOT the same as legal advice — the application of law to an individual’s specific circumstances. FRAUD STOPPERS is a National Private Members Association (PMA). PLEASE TAKE NOTICE OF THE FOLLOWING MARS Disclosure[s] 12 C.F.R. 1015.: (1) FRAUD STOPPERS PMA is NOT Affiliated with any Government Agency or Any Bank Lender; (2) Even if YOU Accept any of FRAUD STOPPERS PMA Products or Services Your Lender May Choose to NOT Change Your Loan. FRAUD STOPPERS products and services are only available to Active Members of the FRAUD STOPPERS PRIVATE MEMBERS ASSOCIATION. To join FRAUD STOPPERS PMA click here: https://fraudstoppers.org/members-only/