What Type of Bankruptcy Should I File If I Have Assets?
If you have assets, the type of bankruptcy you should file depends on the amount of debt and other factors. Generally, Chapter 7 or Chapter 13 is the most appropriate form of bankruptcy if you own valuable property. In a Chapter 7 filing, all non-exempt assets are liquidated to pay off creditors. The debtor is then discharged from any remaining debts. On the other hand, if your income surpasses certain thresholds for your state and federal jurisdiction, then a Chapter 13 filing might be best for you. With this type of bankruptcy, instead of liquidating your property to pay off debts; you'll be required to enter into a repayment plan with creditors that allows you to keep your assets while still repaying debts over time in manageable installments.
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