What Type of Bankruptcy Should I File If I Have Assets?

If you have assets and need to file for bankruptcy, there are several different options available. Understanding the differences between them is key in determining which type of bankruptcy is best for your situation.

The most common types of bankruptcies are Chapter 7 and Chapter 13. In a Chapter 7 Bankruptcy, all of your non-exempt assets will be liquidated to pay creditors. However, if you have sufficient exempt assets that can satisfy any debts owed and still provide enough money to live on, then filing a Chapter 13 Bankruptcy may be more beneficial. With this type of filing, debtors can structure a payment plan while keeping most or all of their assets such as property or vehicles. Additionally, unlike with a Chapter 7 Bankruptcy where discharging debt typically takes 3-4 months, it may take up to five years in a Chapter 13 filing.

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