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Dumping Your Chapter 13 Case Midstream
You can usually get out of an ongoing Chapter 13 "adjustment of debts" bankruptcy case by simply asking to do so.
You can usually get out of an ongoing Chapter 13 "adjustment of debts" bankruptcy case by simply asking to do so.
You have some wiggle room if you either want to get out of your bankruptcy case or change to the other Chapter.
Each spouse in a marriage with significant tax debt has his or her self-interest, which may need a different solution than the other spouse.
Filing bankruptcy with or without your spouse affects the discharge of debts you each receive, and also affects whether you file under Chapter 7 or 13.
Filing bankruptcy with or without your spouse affects the protection from creditors each of you receives, and also affects whether you file under Chapter 7 or 13.
Chapter 7 often protects you from creditors well enough. But if need be, Chapter 13 protects you longer.
If your business has failed or is about to, it does NOT likely need a bankruptcy. But YOU personally might.
It sure helps in understanding the two main bankruptcy options if you know the cast of characters in each one.
In deciding between Chapter 7 and 13, get this question out of the way right away: "Can I keep everything I own if I file a Chapter 7 case?"
Chapter 13 costs much more than Chapter 7, takes about 10 times as long, so you do a Chapter 7 if possible, right?
Too much debt can disqualify you from filing under Chapter 13.
The amount of your income may not disqualify you from Chapter 7.
If you don't qualify for either Chapter 7 or 13, do you have to do a very expensive Chapter 11 reorganization? Or could you still qualify after all?
If you were already on the financial edge and just found out you owe a bunch of income taxes, here is how bankruptcy can help.
If you need bankruptcy protection but already filed a bankruptcy case within the last few years, you may still be able to file a new one now.