Filing Chapter 7, 11 or 13 Bankruptcy - Which One Do I Qualify For?

June 17, 2010 - PRLog -- The bankruptcy trustees (who report to your creditors) will gather all of your property and sell them off so they can attempt to pay back your creditors a segment of what you still owe them. Under Chapter 7 Bankruptcy you may be permitted to keep some of your personal property - while you can't count on in. Not everyone can quality for chapter 7, to do so you must be capable to pass the Bankruptcy Means Test - which means you, make under a certain amount of money and each state has a different threshold for qualification.

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Chapter 13 Bankruptcy is as well for individual debtors. Under Chapter 13 you have the unique skill to save your personal home from foreclosure and still be acceptable to file for bankruptcy. To do this you do not end up foregoing all of your debts, you will still have to make good on those offending mortgage payments

When most people here the word bankruptcy, Chapter 11 comes to mind. Chapter 11 is for individuals who are running or operating a business, including partnerships, corporations and sole proprietorships. If you would like your business to stay running and give yourself time to negotiate with your creditors, you would most likely choose a Chapter 11 Bankruptcy. Circuitry City filed for bankruptcy in October of 2008 and this gave them time to put their creditors at bay while still remaining open for operations - though Circuit City eventually had to liquidate their business in January of 2009, they were able to operate for a while with Chapter 11 bankruptcy protection.

It's important to know if you qualify for Chapter 7, 11 or 13 - if you are unsure consult with a bankruptcy attorney to find out more.

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