Bankruptcy Law Services

There are Three Types of Bankruptcies for Debtors

The founders of our country, remembering the horrors of debtors' prisons in Great Britain, resolved to include bankruptcy protection among the rights guaranteed by our Constitution.  Over the course of U.S. history, many famous Americans have filed for bankruptcy protection, among them Abraham Lincoln (U.S. president), Henry Ford (automobile manufacturer), Samuel Clemens (the writer, "Mark Twain"), H.J. Heinz (ketchup) and Milton Hershey (chocolate). Each of these people went on to realize great success because of the financial fresh start afforded by their ability to file for bankruptcy protection.

The two major types of bankruptcies for consumer debtors are Chapter 7 and Chapter 13.  The first step in filing a successful bankruptcy petition is to accurately evaluate your goals and your eligibility for bankruptcy relief. In order to qualify for a chapter 7 bankruptcy, your income generally must be less than the amount specified by the U.S. Trustee program for the geographical area in which you live - the so-called "means test."   If your income exceeds this amount, you may have to file under chapter 13.  (If an individual debtor does not meet the requirements for a chapter 13 filing, he or she may be eligible to file under chapter 11, the requirements and costs of which are much greater.)  The requirements for filing a chapter 7 petition are explained here and those for filing a chapter 13 petition are shown here.  Your Agins Law Firm Chandler/Sun Lakes bankruptcy attorneys can guide you in making these decisions through a free consultation. Under certain circumstances, individuals may avail themselves of a chapter 11 filing.  Learn more about that here.

Chapter 7

The objective of a Chapter 7 bankruptcy is to eliminate all or some of the debtor's unsecured debts through a court order stating that you do not have to pay substantially all of your unsecured debts.


Chapter 13

In a chapter 13 bankruptcy, a debtor files a repayment plan with the Bankruptcy Court proposing to repay all or a portion of his or her debts - both secured and unsecured - over time.


Chapter 11

When businesses are in debt beyond their ability to repay, their owners look for relief. One tool often by large businesses is a Chapter 11 bankruptcy reorganization case.


Debt & Foreclosure

The law can be complex and confusing to understand. We can help you understand it by counseling you on specific matters and offering guidance tailored to your circumstances.



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