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Our Entire Firm Concentrates on Bankruptcy & IRS Solutions For Individuals & Small Businesses

Examples: Chapter 7 vs Chapter 13

There are three examples given below, with an introduction to each. Select an example to review its complete details, including resolution.

Example 1
Mary wants to know whether it is better for her to file a Chapter 7 petition or a Chapter 13 petition. The following facts apply to Mary’s case:

Debts:

Car lien by BIG BANK $8,000.00
Credit Cards $40,000.00
Other Pertinent Info:

Disposable Income $460.00/mo.

Nonexempt Equity $4,000.00

Example 2
George wants to know whether it is better for him to file a Chapter 7 petition or a Chapter 13 petition. The following facts apply to George’s case:

Debts:

Car lien by CREDIT UNION $8,000.00
Credit Cards $30,000.00
Other Pertinent Info:

Disposable Income $300.00/mo.

Nonexempt Equity $ Zero

Example 3
Kenny wants to know whether it is better for him to file a Chapter 7 petition or a Chapter 13 petition. The following facts apply to Kenny’s case:

Debts:

Amt. behind on Mortgage to BIG BANK $10,000.00
Credit Cards $20,000.00
Other Pertinent Info:

Disposable Income $300.00/mo.

Nonexempt Equity $15,000.00

 

 

Chapter 7
Chapter 13
Examples: Chapter 7 & Chapter 13
Automatic Stay
Trustees, 341 Meeting, Confirmation Hearing
Your Property
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