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90 Flatbush
Avenue West Hartford, CT 06110-1308
860
236-9350
800 856-6400 toll free 860 523-9101 fax
One Carriage Place
Downtown Waterbury
203 756-6100
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Chapter 7 Bankruptcy Compared To
Chapter 13 Bankruptcy
Also
See the Pages for
Chapter 7
Bankruptcy and
Chapter 13
Bankruptcy |
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Chapter 7 Bankruptcy
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Chapter 13 Bankruptcy
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Also Known As |
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Liquidation.
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Adjustment of
Debts of an Individual With Regular Income.
Wage Earner
Plan.
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Purpose |
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Cancel your
debts.
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Catch up on
mortgages or car loans by making payments through
a Plan lasting from 3 to 5
years.
If you do not
qualify for Chapter 7 because of the Means
Test, to pay only a portion of your debt,
through a plan lasting from 3 to 5 years, and
cancel the balance
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Debt Limits |
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None.
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$1,081,400 in secured debt.
$360,475 in unsecured debt.
Individuals
with higher debt may consider filing a Chapter
11 Bankruptcy.
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Property
You Can Keep |
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The kinds and amounts of property
allowed by the federal or state exemption
laws.
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All your property, as long as you
make all the payments required under your Chapter 13 Plan.
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How
Long Does It Take |
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About 3 to 6 months.
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3 to 5 years.
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Co-Debtors |
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Creditors can go after people who
co-signed loans for you.
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Creditors cannot go after people
who co-signed loans for you, as long as you make
all the payments required under your Chapter 13 Plan.
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Effect
on Child Support, Alimony and Property Division |
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None.
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No effect on
child support.
No effect on
alimony that is truly meant to support an
ex-spouse.
Does allow
adjustment or cancellation of debts that arise
from a property division, including alimony that
is actually property division.
(See Bankruptcy
and Divorce page.)
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Debts
That You Cannot Discharge |
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Credit obtained by fraud or false
pretenses. |
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Recent cash advances. |
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Recent purchases of luxury goods. |
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Those debts not listed in your schedules. |
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Alimony and child support. |
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Student loans (unless
hardship). |
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Personal injury or death caused by
driving while intoxicated. |
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Taxes you withheld from your
employees. |
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Sales taxes you collected in your
business. |
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Income taxes if any of the
following are true:
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You filed the return during the 2
years before you filed bankruptcy. |
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Your return was due during the 3
years before you filed bankruptcy. |
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Your tax liability was assessed
during the 240 (about 8 months) before you
filed bankruptcy. |
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You never filed a return. |
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You filed a late return during
the 2 years before you filed bankruptcy. |
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You filed a fraudulent return. |
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Property taxes required to be paid
during the year before filing bankruptcy. |
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Restitution or fines required by a
criminal sentence. |
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Fiduciary fraud. |
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Embezzlement and larceny. |
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Willful and malicious injury to
persons or property. |
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Income tax interest and penalties
which became due after you filed bankruptcy. |
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Divorce property settlements or
decrees. |
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Those debts that were or could have
been listed in a prior case in which were
denied or waived a discharge. |
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A loan used to pay a tax that you
could not discharge. |
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Credit obtained by fraud or false
pretenses. |
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Recent cash advances. |
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Recent purchases of luxury goods. |
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Those debts not listed in your schedules. |
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Alimony and child support. |
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Student loans (unless
hardship). |
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Personal injury or death caused by
driving while intoxicated. |
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Taxes you withheld from your
employees. |
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Sales taxes you collected in your
business. |
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Income taxes if any of the
following are true:
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You filed the return during the 2
years before you filed bankruptcy. |
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Your return was due during the 3
years before you filed bankruptcy. |
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Your tax liability was assessed
during the 240 (about 8 months) before you
filed bankruptcy. |
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You never filed a return. |
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You filed a late return during
the 2 years before you filed bankruptcy. |
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You filed a fraudulent return. |
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Property taxes required to be paid
during the year before filing bankruptcy. |
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Restitution or fines required by a
criminal sentence. |
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*Fiduciary fraud. |
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*Embezzlement or larceny. |
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*Willful and malicious injury to
persons. |
(See the Chapter 13 Super Discharge,
below).
* Debts due to
fiduciary fraud, embezzlement, larceny and willful
or malicious injury are discharged unless the
creditor requests a hearing and proves that the
act occurred. |
The
Chapter 13 "Super Discharge"
These are the debts that you
can discharge in a Chapter 13 Bankruptcy but not in a Chapter 7
Bankruptcy:
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Willful and malicious injury to property. |
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Income tax interest and penalties which
became due after you filed bankruptcy. |
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Divorce property settlements or decrees. |
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Those debts that were or could have been
listed in a prior case in which were denied or waived
a discharge. |
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A loan used to pay a tax that you could not
discharge. |
When You Need a Connecticut Bankruptcy
Lawyer,
Rely on Us for Skill,
Determination and Experience.
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Connecticut
Debt
Relief By Filing Bankruptcy
Congress
has designated Serrano & Serrano, LLC a debt
relief agency.
We help people file for debt relief under the Bankruptcy
Code.
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Please note that our law firm's website is designed to provide only
general legal information.
This information is not intended to be legal advice for your
individual situation.
Call
us for personal injury, Social Security, divorce, bankruptcy,
immigration, workers compensation and criminal cases.
Portuguese 
Spanish 
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John
Serrano |
Gabriel
Serrano |
Serrano & Serrano, LLC
Connecticut Attorneys
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