Comparing Bankruptcy Options
Comparing Bankruptcy Options
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Is Bankruptcy a Good Option for Struggling Small Businesses
Each bankruptcy chapter offers unique benefits, and understanding these dynamics will help you choose the best solution for your small business needs. Or, you might find the better choice is filing an individual bankruptcy. Learn why.
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Chapter 11 Bankruptcy vs Chapter 13 Bankruptcy
Both Chapter 11 and Chapter 13 bankruptcy are reorganization chapters that require debt repayment over time. While Chapter 11 bankruptcy is primarily filed by businesses, it's also a choice for individuals who don't qualify for Chapter 13.
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Get Professional Legal Help
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Talk to a Local Bankruptcy Lawyer
If you want to reach out to some local bankruptcy attorneys, this form can help you quickly and easily.
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Chapter 13 Bankruptcy: A Comprehensive Guide for 2025
Chapter 13 works well for higher-income filers who don't qualify for Chapter 7 and can afford to repay some debt. However, all filers must use Chapter 13 to stop foreclosure, keep a house, or prevent a vehicle repossession.
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Chapter 13 Rules: No Means Test Required
Although the Chapter 7 means test doesn't apply in Chapter 13, you still must meet Chapter 13 qualification requirements and prove you earn enough to pay the debts required by the Chapter 13 plan.
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Documents Needed For The Meeting of Creditors
Learn about the documents you should bring to your 341 hearing, what you'll turn over before, and the documents you might be asked to provide the trustee afterward.
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The Chapter 13 Bankruptcy Confirmation Hearing
If you file for Chapter 13 bankruptcy, the court will hold a confirmation hearing at which the court decides whether to approve your proposed repayment plan. Once confirmed, your creditors must accept your payments to satisfy their claims.
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The Chapter 13 Bankruptcy Repayment Plan
Chapter 13 debtors must draft a legally compliant repayment plan that repays creditors some or all of what's owed over three to five years. Learn about the requirements the debtor must meet to receive court approval.
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How to Modify Your Chapter 13 Repayment Plan
In Chapter 13 bankruptcy, you must prepare a proposed repayment plan outlining which creditors you must repay and how much your monthly plan payments will be. Learn when you can modify a plan payment once it is confirmed by the court.
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How to Calculate a Chapter 13 Monthly Payment
In Chapter 13 bankruptcy, you'll pay your creditors through a three- to five-year repayment plan—but calculating a plan payment can be complicated. We provide a simple shortcut that gives you a ballpark amount you can expect to pay.
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How to Use the Wildcard Exemption in Bankruptcy
The wildcard exemption in Chapter 7 and 13 bankruptcy provides a way to protect more of your assets from liquidation during bankruptcy. The exemption allows you to protect property not generally covered under other exemptions.
