Chapter 13 Bankruptcy

Consumers with secured debts under $871,550 and unsecured debts below $269,250 can file Chapter 13 Bankruptcy. The included debts must be non-contingent and liquidated, meaning that they must be for a certain, fixed amount and not subject to any conditions. A Chapter 13 bankruptcy enables the filer to retain certain assets such as rental properties, antique collections, etc. that would be liquidated in Chapter 7. You could keep your home and car under either plan if your equity does not exceed certain limits. Filing Chapter13 bankruptcy is best for consumers who have a lot of non-dischargeable property or too much income to file a chapter 7.

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