Serrano Law Firm, LLC

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860 236-9350  ▪  800 856-6400

690 Flatbush Avenue, West Hartford, CT 06110-1308

27 Holmes Avenue, Waterbury, CT  203 756-6100

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90 Flatbush Avenue West Hartford, CT  06110-1308

860 236-9350             800 856-6400  toll free     860 523-9101  fax

27 Holmes Avenue Downtown Waterbury 203 756-6100

 

Chapter 7 Bankruptcy Compared To Chapter 13 Bankruptcy

Also See the Pages for

Chapter 7 Bankruptcy and

Chapter 13 Bankruptcy

 

Chapter 7 Bankruptcy

 

Chapter 13 Bankruptcy

 

 

Also Known As

  Liquidation.

  Adjustment of Debts of an Individual With Regular Income.

  Wage Earner Plan.

 

Purpose

  Cancel your debts.

  Catch up on mortgages or car loans by making payments through a Plan lasting from 3 to 5 years.

  If you do not qualify for Chapter 7 because of the Means Test, to pay only a portion of your debt, through a plan lasting from 3 to 5 years, and cancel the balance

 

Debt Limits

  None.

  $1,149,525 in secured debt.

  $383,175 in unsecured debt.

  Individuals with higher debt may consider filing a Chapter 11 Bankruptcy.

 

Property You Can Keep

  The kinds and amounts of property allowed by the federal or state exemption laws.

  All your property, as long as you make all the payments required under your Chapter 13 Plan.

 

How Long Does It Take

  About 3 to 6 months.

  3 to 5 years.

 

Co-Debtors

  Creditors can go after people who co-signed loans for you.

  Creditors cannot go after people who co-signed loans for you, as long as you make all the payments required under your Chapter 13 Plan.

 

Effect on Child Support, Alimony and Property Division

  None.

  No effect on child support.

  No effect on alimony that is truly meant to support an ex-spouse.

  Does allow adjustment or cancellation of debts that arise from a property division, including alimony that is actually property division.

  (See Bankruptcy and Divorce page.)

 

Debts That You Cannot Discharge

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Credit obtained by fraud or false pretenses.

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Recent cash advances.

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Recent purchases of luxury goods.

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Those debts not listed in your schedules.

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Alimony and child support.

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Student loans (unless hardship).

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Personal injury or death caused by driving while intoxicated.

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Taxes you withheld from your employees.

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Sales taxes you collected in your business.

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Income taxes if any of the following are true:
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You filed the return during the 2 years before you filed bankruptcy.

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Your return was due during the 3 years before you filed bankruptcy.

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Your tax liability was assessed during the 240 (about 8 months) before you filed bankruptcy.

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You never filed a return.

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You filed a late return during the 2 years before you filed bankruptcy.

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You filed a fraudulent return.

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Property taxes required to be paid during the year before filing bankruptcy.

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Restitution or fines required by a criminal sentence.

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Fiduciary fraud.

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Embezzlement and larceny.

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Willful and malicious injury to persons or property.

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Income tax interest and penalties which became due after you filed bankruptcy.

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Divorce property settlements or decrees.

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Those debts that were or could have been listed in a prior case in which were denied or waived a discharge.

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A loan used to pay a tax that you could not discharge.

bullet

Credit obtained by fraud or false pretenses.

bullet

Recent cash advances.

bullet

Recent purchases of luxury goods.

bullet

Those debts not listed in your schedules.

bullet

Alimony and child support.

bullet

Student loans (unless hardship).

bullet

Personal injury or death caused by driving while intoxicated.

bullet

Taxes you withheld from your employees.

bullet

Sales taxes you collected in your business.

bullet

Income taxes if any of the following are true:
bullet

You filed the return during the 2 years before you filed bankruptcy.

bullet

Your return was due during the 3 years before you filed bankruptcy.

bullet

Your tax liability was assessed during the 240 (about 8 months) before you filed bankruptcy.

bullet

You never filed a return.

bullet

You filed a late return during the 2 years before you filed bankruptcy.

bullet

You filed a fraudulent return.

bullet

Property taxes required to be paid during the year before filing bankruptcy.

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Restitution or fines required by a criminal sentence.

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*Fiduciary fraud.

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*Embezzlement or larceny.

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*Willful and malicious injury to persons.

  (See the Chapter 13 Super Discharge, below).

 

 

* Debts due to fiduciary fraud, embezzlement, larceny and willful or malicious injury are discharged unless the creditor requests a hearing and proves that the act occurred.

 

The Chapter 13 "Super Discharge"

    These are the debts that you can discharge in a Chapter 13 Bankruptcy but not in a Chapter 7 Bankruptcy:

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Willful and malicious injury to property.

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Income tax interest and penalties which became due after you filed bankruptcy.

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Divorce property settlements or decrees.

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Those debts that were or could have been listed in a prior case in which were denied or waived a discharge.

bullet

A loan used to pay a tax that you could not discharge.

 

When You Need a Connecticut Bankruptcy Lawyer,

Rely on Us for Skill, Determination and Experience.

Connecticut Debt Relief By Filing Bankruptcy

Congress has designated the Serrano Law Firm a debt relief agency.

We help people file for debt relief under the Bankruptcy Code.

Spanish Spoken  CT Bankruptcy Abogados, Chapter 7, Chapter 13, Hartford, Waterbury

Hablamos Espanol  Bankruptcy Lawyer, Spanish Spoken, Hartford, Waterbury, Willimantic, Norwich

Go To BANKRUPTCY Home Page

 

Attorney John Serrano - Personal Injury, Social Security Disability, Divorce, Bankruptcy, Immigration, Workers Compensation.  Hartford, Waterbury

Please note that our law firm's website is designed to provide only general legal information.

This information is not intended to be legal advice for your individual situation.

Call us for personal injury, Social Security, divorce, bankruptcy, immigration, workers compensation and criminal cases.

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