Kent Anderson Law Office

Attorneys, Bankruptcy Law Attorneys, Bankruptcy Services

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Kent Anderson Law Office

Family Law

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The purpose of a Chapter 7 bankruptcy is to eliminate or discharge debt which you owed prior to filing. Some debts are not discharged in a bankruptcy and you still owe them even after filing bankruptcy and receiving a discharge. Secured debts, such as mortgages or car payments, have to be paid even after the filing of a Chapter 7 if you intend to keep the property which secures the debt. Student loans are not discharged in bankruptcy unless a difficult hardship standard is satisfied and must be paid after the case is closed. (review Student Loan Information). Not every consumer qualifies for Chapter 7 bankruptcy. A Chapter 13 bankruptcy is essentially a supervised repayment plan; you make payments to a trustee who forwards them to your creditors in amounts specified in your Chapter 13 plan. A Chapter 13 plan requires you to pay your creditors all or a portion of their claims within 36 to 60 months under court supervision. Once the plan is completed, dischargeable debts are eliminated, even if you did not pay all your creditors in full. Chapter 13 bankruptcies are often filed instead of a Chapter 7 when you are behind on home loans or car payments, when you need to pay non-dischargeable debts such as taxes, child support or other domestic support obligations, or when you have a temporary debt problem and you need time for your income to improve or to sell assets to pay your debts. With the 2005 changes to the bankruptcy law, some debtors no longer qualify for Chapter 7 and must file a Chapter 13. Every situation is different and it can change over time, so please see an attorney before deciding whether to file a Chapter 7 or a Chapter 13. Chapter 7 bankruptcy may not be available if your debts are primarily consumer debts and the court finds that granting relief would be an abuse of the bankruptcy laws. The US Trustee’s office monitors bankruptcy cases where high income and excessive budgeted expenses suggest that a debtor could make substantial payments to the creditors through a Chapter 13 plan. In such a case, the US Trustee will file a motion to dismiss the bankruptcy and will usually give the Debtor an option to convert to a Chapter 13 proceeding.

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