There is a big difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy. In Chapter 7, you do not have the ability to repay any of the debt that you have accrued and it is in very simple terms written off. Chapter 13 sees you as having a certain level of income or assets and you may be able to repay at least part of the debt. In the past, there really were no laws covering who could qualify for Chapter 7 as opposed to 13; it was left up to the judge in charge of your case.
Knowing your income level crucial when filing for Chapter 7
Chapter 11 bankruptcy may be the answer you're looking for
When you file Chapter 11 bankruptcy, you probably have a desire to reorganize your debts, either personal or within the confines of a company that you own. It can be a large corporation or a small company. The Law Offices of David A. Tilem have more than 30 years of experience dealing with this type of bankruptcy and we have the knowledge to assist you and answer all your questions.
