Chapter 7 vs Chapter 13 Bankruptcy Calculator
Estimate if you pass the bankruptcy means test for Chapter 7 or if you must file a Chapter 13 repayment plan based on your income and debts.
Chapter 7 vs Chapter 13 Bankruptcy Calculator
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Understanding the Two Main Types of Consumer Bankruptcy
Chapter 7
Total wipeout of qualifying unsecured debts. Available only if your household income falls below a certain threshold (the Means Test). It is fast and you usually keep basic assets, but you permanently lose non-exempt luxury property.
Chapter 13
A 3-5 year court-mandated repayment plan. Required if you make too much money for Ch. 7. It can stop home foreclosure and let you catch up on missed mortgage payments over time.
This calculator uses rough national averages to estimate the Means Test. The actual IRS standards for allowable expenses and state median incomes are updated twice a year and are incredibly complex. Speak to a bankruptcy attorney before filing.