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What are the different "Chapters" in bankruptcy?

Chapter 7 is the Straight bankruptcy, or "liquidation" chapter of the Bankruptcy Code.  They may be filed by people or companies. Under Chapter 7, an "Interim Trustee" is appointed.  His or her job is to collect and sell all non-exempt property and use the proceeds to pay your creditors.

You are allowed to claim certain property as "exempt" under federal bankruptcy law or Colorado law.  You will receive a discharge, which means you won't have to pay certain debts. Companies don't receive discharges.  They just go out of business.

Chapter 13 is the "Debt Repayment" chapter for people who have regular income and who do not owe more than $1,347,550 ($336,900 in unsecured debts and $1,010,650 in secured debts).  This includes people who operate their own businesses. Companies cannot file under Chapter 13.

Chapter 13 usually allows you to keep property by repaying your creditors out of your future income. Under Chapter 13 you propose a repayment plan.  Your plan must be approved by the Bankruptcy Court. Your payments must be paid to the Chapter 13 Trustee, who then pays your creditors for a small fee.  After you are done with all of your payments, you will receive a discharge of most of your debts.

It is really hard for people without lawyers to come up with, and complete, their Chapter 13 plans. This is particularly true for cases filed on and after October 17, 2005. 

What is Bankruptcy? 

What Can Bankruptcy Do for Me? 

What Bankruptcy Can Not Do

What Different Types of Bankruptcy Should I Consider? 

What Will Happen to My Home and Car If I File Bankruptcy?

Can I Own Anything After Bankruptcy?

Will Bankruptcy Wipe Out All My Debts?

Will I Have to Go to Court?

Will Bankruptcy Affect My Credit?

What Else Should I Know?

What is the Bankruptcy Code?

Is the Bankruptcy Court a State or Federal Court? 

Who can file bankruptcy?

Do I need an attorney to file for bankruptcy?

What are the different "Chapters" in bankruptcy? 

What is a Joint Bankruptcy Petition? 

Does my spouse have to file if I file?

What is a Bankruptcy Trustee? 

What documents are needed to file bankruptcy? 

How much is the Court filing fee?

What about credit counseling and personal financial management instruction-what is the difference between the two? 

What is the “Means Test”? 

How can I change or correct information in the petition, statements, and schedules I have filed? 

What is a Meeting of Creditors? What happens there?

I don't live in the Denver Metropolitan area. Where will my Creditors Meeting be held?

How do I know if a debt is secured, unsecured, priority, or administrative? 

What are exemptions? 

What happens after I file my bankruptcy case? 

What is a discharge? 

What is the Difference between a Denial of Discharge and a debt being nondischargeable? 

I attended a Section 341 Meeting of Creditors before my case converted to another chapter. Do I have to attend another meeting? 

What if my case is dismissed? 

My case was dismissed because I failed to pay all of the installments of the filing fee. Can I file a new bankruptcy case? If so, can I pay the new filing fee in installments? 

What is a Reaffirmation Agreement? 

What is a Motion for Relief from Stay?

What can I do if a creditor keeps trying to collect money after I have filed a bankruptcy? 

What services can a "Bankruptcy Petition Preparer" provide? 

Will the Judge advise me of my options during the bankruptcy case? 

May I speak directly with a Bankruptcy Judge?

What is an Adversary Proceeding?

If my case gets dismissed, or I change my mind about filing, can I get my filing fee refunded? 

When am I under bankruptcy protection?

Who has access to my bankruptcy file? 

Will all my creditors be notified of my discharge? 

When is my case complete? 

How soon after I get my discharge can I file for bankruptcy again? 

Will the U.S. Bankruptcy Court provide and pay for an interpreter for me? 

What if a creditor tries to collect money after I get a discharge? 

How can I get another copy of my discharge? 

How many years will a bankruptcy show on my credit report? 

How do I get errors removed from my credit report?

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I welcome your questions and will be happy to provide you with a free initial consultation.  Just give me a call or send a fax or e-mail:

Robert J. Doig
Attorney at Law

2985 Broadmoor Valley Road, Suite 4
Colorado Springs, CO 80906
719 227-8787  Office
719 325-8355  Fax

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