SHERYL S. ZUST, P.A.
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CHAPTER 7
CHAPTER 13
Common Questions About Chapter 13 Bankruptcies:
Is your house being foreclosed on?
2. What is the difference between a Chapter 7 versus a Chapter 13?
Chapter 7 is also called Straight Liquidation. In a Chapter 7, we can usually eliminate unsecured debts, such as credit cards, medical bills, repossession deficiencies, and signature loans, which allows you to get a fresh start, and financial independence.
Chapter 13 is also called Debt Consolidation, or the Wage Earners Plan. Chapter 13 is primarily designed to allow you to stop foreclosures and repossessions, and allows you to make up the back payments in a 36 to 60 month plan. In a Chapter 13, we can also consolidate other bills, such as your car payment, whereby you may be able to pay the value of the car, and not the loan balance. Other debt that can be consolidated includes tax debts, student loans, and child support or alimony arrears.
3. Do I qualify for a Chapter 13 Bankruptcy?
As long as you have a regular source of income, you should qualify to file a Chapter 13 Bankruptcy.
4. Are certain debts dischargeable in Chapter 13 that are not dischargeable in Chapter 7?
Yes. Credit card fraud, embezzlement, larceny, conversion, and certain IRS debt can be discharged in a Chapter 13 bankruptcy.
5. Will I lose any property?
You shouldn't lose any property in a Chapter 13 bankruptcy.
6. Do I have to list all my creditors?
Yes. The bankruptcy laws require you to list all of your creditors. Bankruptcy schedules are signed under the penalty of perjury and you will be asked under oath at the Meeting of Creditors if all debts were listed.
7. Can I transfer ownership of my assets to someone else prior to filing bankruptcy so I don't lose them in bankrutpcy?
You don't lose assets in a Chapter 13, so you would not want to transfer any assets prior to filing bankruptcy.
8. If I am married, can I file separately, even if a foreclosure has begun, and both names are on the mortgage?
Yes. If one of the spouses does not need to be in bankruptcy, other than for the foreclosure, that spouse can remain out of the bankruptcy.
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1. What does filing Chapter 13 bankruptcy accomplish?
It will immediately stop wage garnishments, lawsuits, repossession, foreclosure on your home, and stop collection harrassment. It may eliminate unsecured debt so you have more disposable income, which will result in more financial independence.
