Bankruptcy Basics

You’ll want to understand the basics of bankruptcy when deciding whether filing for bankruptcy is right for you. The first step is to learn about bankruptcy by reading overview articles explaining what bankruptcy is, the differences between Chapter 7 and Chapter 13 bankruptcy, and how each type of bankruptcy works.

For instance, you’ll want to know whether you can keep important property, such as your house and car, before filing for Chapter 7 bankruptcy. If you might lose it in Chapter 7, Chapter 13 could help. In most cases, Chapter 13 is the better choice when your home is in foreclosure. It can also help you save a car from repossession.

Another essential topic to explore is bankruptcy qualification, and many of our overview articles explain who can file for Chapter 7 and Chapter 13. People with lower incomes—or with higher incomes and significant allowable expenses—will usually qualify for Chapter 7 bankruptcy. Chapter 13 bankruptcy requires regular and often considerable income to qualify.

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