Thread: Bankruptcy
View Single Post
  #2 (permalink)  
Old 12-23-2008, 04:17 AM
Igotscammed's Avatar
Igotscammed Igotscammed is offline
Member
 
Join Date: Apr 2008
Posts: 190
Just google Chapter 7 or chapter 13. One of the biggest changes is that in order to file chapter 7 (total liquidation), you have to pass the means test. Basically, if you are at or below the median income for your family size per your state, you may file chapter 7. If you are above the median income, then there are other hurdles that you must pass before you can file for chapter 7. If you don't qualify, then you may file chapter 13, which doesn't dismiss your debts, but focus' on repayment.

Bankruptcy Information, FAQs, Chapter 7 &13 Information.

Also, I do know that certain things can't be discharged, even if you do qualify for chapter 7. Examples may be: child support, student loans, debts originating from fraud, etc.

HTH.
__________________
Prayer is the burden of a sigh,
The falling of a tear,
The upward glancing of an eye
When none but God is near."
Reply With Quote