Definition Overview - Chapter 7 (liquidation) vs. Chapter (debt reorganization) Which to choose?

Why do they want/need to file? What trying to protect?  Exemptions
(income, future income, house, car, bank account, other assets)

Have they been sued? Where/When? What is the COURT DATE?
         (Automatic stay upon filing stops creditors – Chapter 7 and 13 – Emergency Practice Tips

Assets: What do they own? (Car, house, cash, other)
         What equity do they have in those assets? (Equity = Total value minus amount owed)

If they want to save a house: What is the payment? Behind? # months? Practice Tips/Special Rights
         Special note for Household & Beneficial Finance mortgages

Debt: Which types of past debt and roughly how much? (Business debts not covered here.)
          Major debts dischargeable? Non-dischargeable debts
          Immediate future debt? Cannot discharge debt after filing date     Tips Based on Type of Debt

Current Income - must have current, regular, disposable income to file Chapter 13
                            No income requirements - Chapter 7

File for bankruptcy before?
       YES - Chapter 7(liquidation)? Chapter 13 (reorganization)? Discharged? Date of discharge?

                Chapter  7 - Cannot file Chapter 7 if fewer than 6 years after filing date

                Chapter 13 - Can file again anytime if propose to pay 100% debt  

      Not sure of date - Search MD Bankruptcy records (.07 per page)
      No - Can file anytime

Eligible to file?  If no, see alternatives to bankruptcy
                          If YES - description of Chapter 7 process    Chapter 13 process  

                                                                                          When to choose Chapter 13 
 

	Related Files
Credit Counseling Agencies	Bankruptcy Self Help Classes	Quick Reference Guide Index
Bankruptcy Bar - Lawyer Referral	Valuing Assets	Court locations
	Credit Management Options	Bankruptcy Basics