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Choosing the chapter
Chapter 7 represents a majority of filings and can discharge most personal debts. However, property may be seized or sold. Protections exist for various assets, including retirement account balances. Alimony, tax debts, and student loans will remain on a consumer’s “balance sheet.”
Qualifying requires passing a means test to prove your income is below the median. If it doesn’t, another option exists.
Chapter 13 bankruptcy is a repayment plan that usually lasts five years. It also allows for the possibility of a certain amount of unsecured debt forgiveness while allowing filers to keep some of their personal property.
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