What Chapter Should I File?
Once someone makes the decision to file for bankruptcy, the next question is – “What chapter should I file?” There are four different chapters that an individual can file – Chapters 7, 11, 12, and 13. Chapter 12 is for farmers and fishermen (and no, occasional fishing trips or having a garden in your backyard does not qualify you). Chapter 11, while most often filed by businesses, can also be filed by those who make too much money for a Chapter 7 and have too much debt for a Chapter 13. If you are an individual, it is most likely that you will end up filing a Chapter 7 or Chapter 13.
Can I Keep Any Property?
If your income is low enough and you don’t own much property beyond a primary residence, a vehicle, and common household furnishings, a Chapter 7 bankruptcy may be the right chapter for you. However, if you make too much money to file a Chapter 7 or you want to try and protect some property that would otherwise be sold in a Chapter 7, you may want to consider filing a Chapter 13 bankruptcy. Of course the analysis is not always this simple, and at JacksonWhite Attorneys at Law there is an experienced Arizona bankruptcy attorney that can help.
If you have concerns about what chapter you should file and have questions about your options and bankruptcy, call (480) 648-8975 today for your FREE bankruptcy consultation.