Tucson, AZ asked in Bankruptcy for Arizona

Q: How do you know whether chapter 7 or chapter 13 applies to your case?

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1 Lawyer Answer
Mallory Powers
Mallory Powers
  • Bankruptcy Lawyer
  • Phoenix, AZ
  • Licensed in Arizona

A: There are numerous factors that should be analyzed in determining whether you should file a Chapter 7 or a Chapter 13 bankruptcy. Most people will file a Chapter 7 bankruptcy, as long as they qualify for it. However, there may be situations where even if you qualify for a Chapter 7 bankruptcy, a Chapter 13 will provide more benefit. A Chapter 13 bankruptcy might be a good option for someone that doesn't qualify for a Chapter 7 bankruptcy because their income is too high or because they have non-exempt assets. Another reason someone might file a Chapter 13 bankruptcy instead of a Chapter 7 bankruptcy is because they have mortgage arrears; a Chapter 13 plan will allow them to reorganize their debt to get caught up and typically keep their home. It is important that you speak with a knowledgeable bankruptcy attorney to determine which Chapter best suits your situation.

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