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When do you file a Chapter 13 Bankruptcy

One of the first questions people who are contemplating bankruptcy ask is which bankruptcy proceedings is the right choice, chapter 7 or chapter 13? We have just seen that you are eligible for filing Chapter 7 bankruptcy when you have minimal disposable income on hand and very little to no non-exempt property. When you have adequate disposable income, usually there is no need for filing bankruptcy. However, there are situations where you have disposable income but not enough to keep up with minimum debt payments. This is when you might consider filing a Chapter 13 bankruptcy. This bankruptcy is also known as a reorganization bankruptcy. This petition allows you to restructure your loan liabilities to suit your disposable income subject to court approval. This can entail an extensio...