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Can You Actually Pick Out Your Own Type Of Personal Bankruptcy Filing?
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December 7th, 2011Investing mistakes
In general, you’ll be able to decide on the type of bankruptcy. In most cases, debtors will select chapter seven for filing simply because it’s fast, helpful, effortless to file, and doesn’t require payments over time.
Chapter 7 bankruptcy commonly takes the least time to complete. Other common sorts of bankruptcy filings include things like chapter 12 and chapter 13.
Yes, you can select the type of bankruptcy filing but you may not eligible for it.
If you own your own business, you may have the ability to save yourself from even considering bankruptcy. Learning how to go public with your company is easy. Just get advice on a company going public from a qualified business adviser. Don’t worry, companies go public all the time.
When you do not own your own company, here are your alternatives.
Bankruptcy – Chapter 12
If you are a farmer or a fisherman, for example, you might contemplate chapter 12 filing. It is more streamlined, less complex, and much less costly than chapter 11 (bankruptcy filing for massive corporate reorganization).
Chapter 12 provides allowance for situations in which family farmers or fishermen have income that is seasonal in nature. Therefore, debtors with seasonal profits will find it to be advantageous to file their bankruptcy under chapter 12. In addition, relief under chapter 12 is voluntary, and only the borrower can file a petition under the chapter.
Bankruptcy – Chapter 7
Beside the farmer and fishermen, most debtors will opt for chapter seven as their bankruptcy filing type. The key elements of the popularity of this personal bankruptcy type are: it doesn’t need payments over time, it is easy to file and less it’s costly.
However not every persons who are seeking getting debt free by filling bankruptcy will be permitted to file under chapter seven. To be eligible for chapter 7 bankruptcy filing, you have to meet the below criteria:
-You must pass the median income test.
-Your calculated average income should not be more than the median income within your state.
Bankruptcy – Chapter 13
You’ll be forced to file your bankruptcy under chapter 13 when you are not eligible for chapter 7 bankruptcy. Or if you have filed bankruptcy before under chapter seven, then you need to go for chapter thirteen for a second bankruptcy filing.
Chapter 13, which has also been referred to as a wage earners program, is an interest-free repayment plan where a debtor repays at least some of his or her unsecured debts with regular payments over 5 years.
If bankruptcy is your ultimate alternative to get out of debts, you’ll be able to select the bankruptcy type to file against, but you may not be eligible for the bankruptcy type of your choice when you don’t meet the required criteria.
The very best way to confirm it is check with a bankruptcy attorney on which bankruptcy type you’re eligible for.
Related Reading:
Tags: bankruptcy, bankruptcy filing, bankruptcy filings, business, chapter 7 bankruptcy, filing, Learning, personal bankruptcy, Type
13 responses to “Can You Actually Pick Out Your Own Type Of Personal Bankruptcy Filing?” 
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Lois Green December 7th, 2011 at 13:22