Philadelphia Bankruptcy Attorney

Are you considering filing for bankruptcy in Philadelphia?

Choosing Ch 7 or Ch 13 Bankruptcy

After the debtor has looked into the different factors that can determine if filing for bankruptcy is appropriate,
the debtor usually chooses between Chapter 7 or Chapter 13 bankruptcy. The debtor usually decides to file for a Chapter 13 bankruptcy when:

  • The debtor wants to resolve certain debts that a Chapter 7 bankruptcy will not discharge.
  • The debtor wants to keep certain valuable property that
    is non-exempt.
  • The debtor wants to protect certain cosigners on
    personal loans from being pursued by creditors.
  • The debtor won’t be able to make payments on certain
    property like a car, while the bankruptcy is still pending.
  • The debtor feels they are obligated to repay debts.
  • The debtor thinks that future creditors will look more
    favorably on a Chapter 13 debt reorganization than a Chapter 7 discharge
    of debts.

A debtor may need to file for a Chapter 13 bankruptcy if:

  • The debtor received a Chapter 7 discharge in the last 6
    years, or obtained a Chapter 13 bankruptcy discharge in the last 6 years
    and has not paid off at least 70% of the unsecured debts under that
  • The debtor was subject to the discharge of a prior
    Chapter 7 or Chapter 13 filing in the last 180 days because the debtor was
    in violation of a court order, or requested a dismissal after a creditor
    sought relief from the automatic stay.

If you need help determining if Chapter 7 or Chapter 13 bankruptcy is right for you contact Philadelphia Bankruptcy Attorney Michael A. Cohen today.

Leave a Reply

Your email address will not be published. Required fields are marked *