Chapter 7 vs Chapter 13 Bankruptcy: 6 Crucial Things to Know
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- Опубліковано 20 чер 2024
- Chapter 7 vs Chapter 13 Calculator: bit.ly/367PTVx
Understanding the differences between Chapter 7 vs Chapter 13 bankruptcy is crucial to make the most the most informed decision. Understand the costs, duration, pros and cons, and qualifications for both Chapter 7 and Chapter 13 bankruptcy. For example, the Chapter 7 bankruptcy is often much shorter and costs much less than a Chapter 13 bankruptcy. That said, many people have to qualify for Chapter 7 bankruptcy.
Here are some other articles that can help inform you about Chapter 7 and Chapter 13 bankruptcy:
tryascend.com/blog/chapter-7-...
tryascend.com/blog/bankruptcy...
tryascend.com/blog/is-it-bett...
tryascend.com/blog/how-does-b...
tryascend.com/blog/pro-and-co...
Here's what we cover in this video:
Chapters:
0:00 Introduction
2:04 Chapter 7 vs. Chapter 13 Bankruptcy Overview
4:03 Cost of Chapter 7 & Chapter 13 Bankruptcy
8:13 Duration of Chapter 7 & Chapter 13 Bankruptcy
9:09 Credit Report & Credit Score Impact
11:01 Pros and Cons of Chapter 7 & Chapter 13 Bankruptcy
15:18 Simple Way to Remember Chapter 7 & Chapter 13 Bankruptcy
16:01 Should You File Chapter 7 or Chapter 13 Bankruptcy?
16:40 Conclusion
#chapter7vschapter13 #chapter7vschapter13bankruptcy #chapter7bankruptcy #chapter13bankruptcy
This is not legal advice and should not be construed as such. Please contact a consumer bankruptcy attorney for legal questions.
Music: www.bensound.com
Free Chapter 7 vs. Chapter 13 Calculator here: tryascend.com/qualify/bankruptcy/ch7/vs-13-start/route/ch7vsch13youtube
You can also call us at 833-272-3531 if you have any questions!
I just filled Chapter 7 and had 341 meeting and car offers and credit card offers in the mail are just crazy, i believe the system won't you to be in debt forever, but I refuse to go back to that nightmare
Wow!, I feel so empowered! I learned a so much from your channel about Bankruptcy . I learned that, " I could do it myself." The calculator, is a very useful tool also. Thank you so much for being here.
Thank you so much for sharing this encouraging message! -Ben
Very helpful bankruptcy information,Thank You!
You are so kind, thanks, Nasario. What are you leaning towards? If helpful, text or call me at 833-272-3631 if you have any specific questions! -Ben
I sure did learned about this with this video thank you very much🙏🏼
Hey Teresa, we are so glad to hear that! Thank you for the encouraging note.
Thank you for providing this simplified view of the major differences between chapter 7 vs. 13. The video was very helpful.
You're very welcome! Thank you so much for the kind words! If you'd like a free bankruptcy attorney consultation, please give us a call at 833-272-3631 and we can get one setup for you!
Thank you! Please continue to make more content 💕
This is so kind. Thank you for the encouraging words, Razelle! We will do our best!
Thank you for your video.
It’s my pleasure! Yeah, we created this video as I wanted to have a simple way to explain the differences!
Great information 👍👆
Thanks so much for sharing!
Hey there love this video very informative. Where is the exception form?
Why was I told by the attorney it’s not up to me, it’s up to my income and I have to file what he says I need to file??
My income varies a lot, I have my base pay but also been working a lot of overtime to get myself out of debt but as times change, cost went up, I’m gaining more debt. Thus, the need for bankruptcy.
I feel it should be based on base income without overtime because overtime is not guaranteed!
Thanks for the heads up. Have you already filed? I'd like to understand your situation better. If helpful to chat through options, could you give us a call at 833-272-3631 and mention this video?
Thank you for your video, it helps me to understand more. I watch some other video from different author about bad thing to avoid to do before file Ch7. But there is no video about California. Is it anything we did will get fail to discharge in Ch7 ? Such as we will lose the protection of 401K or IRA if the creditors can apply the exemption…..
Hey Johnny, thanks for the message. I see our scheduled call today on my calendar, so let’s discuss then and answer all your questions. Talk to you soon! -Ben
Is there anyway to force the bank into lengthening the term of the loan without doing a bankruptcy? I have no other debts except for one he locked that I couldn’t pay because of disability thank you. Nice presentation also thanks.
Very informative and easy to understand Question what if your debtors are overseas?
You would have to ask an attorney, have you spoken to one already?
I have credit card debt, a car lease and a motorcycle, lost my job and now I’m making less income, I’m thinking about chapter 7, my concern is if I get to keep at least my car lease to commute, and will that affect my apartment lease/rent?
Hey Jose, great questions! I am so sorry to hear you are going through all of that, it sounds stressful. If you were to file a chapter 7, most of the time they may reaffirm your car loan so you can continue paying on it- just confirm with an attorney. When you file bankruptcy, it should not affect your current rent, but it could affect if you tried to rent elsewhere.
Does filing for bankruptcy affect my renting? I currently rent an apartment in NJ, rent is always paid on time, 0 issues, i am struggling with personal loan/credit card debt and considering these options.
Does it affect a car I make payments on?
Hi! Great questions. As long as you are current on your rent then it shouldn't be a problem, but if you needed to rent a new space then it may be challenging, it would likely depend on the landlord.
As for a car in a chapter 7, the attorney may be able to reaffirm the loan so you can continue paying on it after you file. If you have other questions, give us a call at 833-272-3631!
If my mom plans to put me on a revocable trust, but I plan to file for bsnkruptcy. How will this affect the assets in the trust?
Hey Stephen, thanks for the note. This may be a good question for a local attorney in a free phone consultation. Happy to get that setup for you as we have a National bk attorney network at 833-272-3631 (text or call) or you can just google bankruptcy attorneys in your area, and I like to read reviews lowest descending.
Amazing video with simple explanations. I am evaluating bankruptcy due to a few rough years that put me way behind on a lot of debt. I have only talked to one local attorney and they said the chapter 13 fee was $6500. Does that sound high? Also, I have a rental property and my home which they told me had too much equity for a chapter 7. Does this mean I really only have a choice of a 13 if I want to keep them? Lastly, I used to make over $150k it’s been a struggle to get back to that level due to some MH challenges…but I believe I’m close to getting a high paying job again. What happens with my debts if I get a high paying job or a business I’m working on takes off?
Sorry for the long background and volume of questions 😅
I'm sorry for the delay. The Chapter 13 attorney fee is generally a no look fee, which basically means that many people will charge the same amount regardless of where in the district. Would you be able to call at 833-272-3631? I'd like to understand more context.
I have 18,000 in credit card debt. I am on ssi with no assets at all. What would be the best option for me?
Hey Tammy, you may already know this but you may be judgment proof. Some individuals on SSI may still choose to file bankruptcy just so they don’t have the debt to their name. Chapter 7 may be cheapest and fastest. Give us a call if you have any questions - 833-272-3631.
If i filed a chapter 7 and we have a mobile home but its only in my wifes name and she doesnt use my last name .is our property subject for liquidation just to pay the debt collectors?
So I’m guessing both my wife and I will need to file with our incomes one can’t go bankrupt without the other, correct?
Thanks for the question! You actually can file individually, sometimes people will do that if they do not have any joint accounts. However, they still look at the total household income to determine if you qualify for a Chapter 7, even if you file individually.
My attorney said if our business debt exceeds our consumer debt, even if we make over the middle income, is this accurate?
Thanks for the question! I’m not tracking this question, sorry. Are you asking if your business debt exceeds consumer that you can qualify for chapter 7? I’m not sure of your exact situation, so may be helpful to get another free evaluation if you feel hesitating about the first one? Thanks!
But what if you file chapter 7 but don’t want your mortgage debt included? Can I still lose my house? My house payments are and have always been on time. Also I completely own my car. I just need help with all the credit card debt. I am trying to get help for my spending to deal with stress and it put me in a really hard place.
Unfortunately you won't be able to choose what is disclosed in a bankruptcy filing. It may be helpful to chat with a local attorney to have them review the exemptions in your state for your house and cars to see if you can keep the the property in the filing. If you need help finding a reputable local attorney shoot us a text at 833 272 3631 and we can connect you to one!
I basically have the same concerns thanks for asked this
Feel free to call us at 833-272-3631 because your home may be protected within a chapter 7 but it will depend on the state exemption.
I found out last Thursday I'm being sued by a debt collector court date is very soon what is my options I'm on SSDI
I'm sorry to hear about the debt collection lawsuit. Thanks for context about SSDI, that's helpful as you may be judgment proof (although you still may want to do something). Would you be able to text or call us at 833-272-3631? Or if it's easier, you can schedule a quick complimentary 15 minute call her to go through options: calendly.com/ascnd/call - Thanks, chat soon. -Ben
How long does it take to receive a case #?
When you file, you should receive a case number, I believe. Did you file with an attorney?
Do you do videos on the best method of rebuilding credit after the case is accepted and done?
Thanks for the fantastic question! We don't currently have any videos on that, but we will add that to the list!
However, for now, we did build this free credit rebuilding portal to help folks rebuild their credit after bankruptcy. Here is a link to our free credit rebuilding portal: tryascend.com/chapter_7_bankruptcy_credit_rebuilding_portal
@@AscendFinance Thanks
My pleasure! Yeah, we built this portal a few months ago specifically for those who would like to know sort of steps that could help them rebuild credit after bankruptcy.
What exempt you from loosing your home or vehicle in a chapter 7
Thanks for the message! We just built this bankruptcy calculator if helpful for exemptions: tryascend.com/qualify/bankruptcy/exemptions
Hola nesecito ayuda pero mi temor más grande es perder mi casa? Y mis deudas no las puedo pagar, obviamente el capítulo 7 tanto el 13 tienen sus pros y sus contras. Pero me encantaría que me aconsejaras lo único que tengo de más valor es mi casa. Y en este caso me conviene más el capítulo 13!
¡Oye, gracias por la pregunta! En un capítulo 7, dependerá de cuánto valor líquido haya en la vivienda y cuál sea la exención estatal para ver si su casa puede protegerse. En el capítulo 13, brinda protección total de activos para que su casa no esté en riesgo. Si tiene alguna otra pregunta, llámenos al 833-272-3631.
I'm on SSDI and have a lot of credit card debt what would be my best option I have a mortgage in my name
Hey Kevin, so sorry to hear that. How much equity in the mortgage? Can you text us or call us on Monday at 833-272-3631?
I have over 15,000 in instalment loan debt some being from tribal loans
I’m overwhelmed in payments and can no longer do it. I’m considering closing my bank account I simply cannot make these payments anymore what can I do
Over 15k in instalment
About 40k in overall debt
Thanks, would you be able to call us to go through options? 833-272-3632 -Ben
will be 69 this month. On social security $1740. after deductions. Had good credit until heart attack a year ago. Had to stop working for a year surviving on unsecured loans and credit cards. Now I cannot keep with payments. Savings are gone. Nedd to be on payroll to survive and have rent money. Just got a job last week that pays $37.50 per hour. Because of the job, an attorney told I will not qualify for CH 7. Even though I would otherwise qualify based on earning of last 6 to 10 months. I am over 60 days late on my on credit cards and loans $44,000. Plus I owe abou $10000 in medical bills. I do not own a home, I only own 2005 Lincoln car, paid ott. What should I do? Chapter 7 or 13? I also own $171,000 in student loans.
Gosh, thank you so much for reaching out. Would love to chat through your situation. Would you mind if I connected you to a different bankruptcy attorney for a second opinion? Could you shoot my team a call/text at 833 272 3631 or fill out this form and we can look over your situation? tryascend.com/qualify/bankruptcy/ch7/vs-13-start/route/ch7vsch13youtube
Hi I had a heart attack last year and accrued so much debt and medical bills of over 250k and it’s now impossible to pay all my bills. I have no property except a car that’s paid off worth 7k. Should I file chapter 7?
Hey Irene, I am so sorry about the heart attack and the accrual of that debt. That sounds terribly stressful. What state are you in? That car may be covered by a wildcard or state auto exemption. If it's easier, give us a call or text at 833-272-3631? Thanks, and talk soon. -Ben
@@AscendFinance Thank you, I live in North Carolina. I heard about exemptions but not wildcards. How much should I expect to pay in lawyer fees for chapter 7?
Hey! So the range for a chapter 7 is usually between $1,000-$2500 but it depends on the state you live in and the complexity of your case. Feel free to give us a call at 833-272-3631.
can I fill Chapter7 I have on Income I only have Credit card debt can I still fill
It depends what your income is because you have to qualify for a chapter 7 since there is a threshold for the means test. If you want more info on it and see if you qualify, give us a call at 833-272-3631 and we'd be more than happy to help!
My only income is social security
Thanks for letting me know. Do you have any assets? Did you speak with an attorney at all about being judgment proof?
They can’t go after that! Laugh at em if you don’t have the assets
Correct, they shouldn't be able to go after SS but they can possibly go after assets.
I think your approach here has you mind on the money you get, a case being dismissed? You didnt say why ut was dismiised... Too much debt? Attorney missed too many filing dates? Pretty rare to have a case like that dismissed, but you left it unexplained. Why?
If a chapter 13 is dismissed it could be due to missed payments, failure to attend hearings or complete courses, hardships not approved, failure to file necessary forms or missing any deadlines, and a common one is a voluntary dismissal. If you have any other questions you can always reach us at 833-272-3631.
@@AscendFinance I'm currently looking for a chapter 7 lawyer, one that is affordable.
We can get you connected to a local firm for a free consultation if you want to see what the price would be? Give us a call at 833-272-3631.
When filing does it have to be in the state of your license. I'm a traveling Healthcare worker ?
It's usually your place of residence! You have to be living in the state for a certain amount of time.
thank foe Teaching us the difference between Chapter 7 Chapter 13 Chapter 7 is less chapter 13 more😅😅😅😅
Of course! Happy to help!
Vs. is short for versus. It's not pronounced verse.
Fair point, thanks so much for sharing! I will do my best to make sure I state that going forward.
can you serve here at 96950?
Hi! Sorry, we only operate within the US.
To many unknown questions. To long for me to understand or calculate. No help
I'm sorry about that. What questions did you have? If a phone call is easier, we can explain it all so just give us a call at 833-272-3631!
Do you lose your house and car?
In a Chapter 7 you may lose your car or home, but you can know whether you will lose it by checking with an attorney in a free consultation (we can connect you to one if needed click the link in description or in our bio. Or call/text 833 272 3631)
In a Chapter 13 you can keep your home and car as long as you're able to keep up with the mortgage and car payments. You would just pay the home and car payments inside of your Chapter 13 payment plan.
Does this include second mortgages?
Yes- it depends on the equity in the home.
By the way my credit score went up due to income debt ratio
Thank you for this information. I appreciate it so much 👍🫶
I appreciate your encouraging words, thank you!! -Ben