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Chapter 7 vs Chapter 13 Bankruptcy

Steve Behrends • July 12, 2022

Lets Break Down Chapter 7 and 13 Bankruptcy

Anyone doing a little research on filing bankruptcy quickly runs into the Chapter 7 vs Chapter 13 question. What are the Pros and Cons of Chapter 7 and Chapter 13? A lot of what you read makes it sound like you have to file Chapter 13 to keep your house or your car, which isn’t true. Which one would be better for you? For most people, the answer is Chapter 7 because it is over sooner and does not require making payments on your debts. So why does anyone file Chapter 13? 


There are specific situations in which Chapter 13 would be better so the answer to Chapter 7 vs Chapter 13 really is whether any of those circumstances apply to you. Basically, Chapter 13 may be better if you owe back taxes or if you have non-exempt equity in your home or other assets. If you have filed Chapter 7 in the last 8 years or have substantial income, Chapter 13 may be the only way to get bankruptcy court protection. In the free initial consultation, we help our clients determine if there are reasons for them to consider Chapter 13 or if it looks like Chapter 7 is going to work for them

Chapter 7 Vs Chapter 13 Bankruptcy


Chapter 7 and Chapter 13 both involve filing bankruptcy, so they both will stop all of the  collection actions against you and will discharge your debts. The big differences involved in the Chapter 13 vs Chapter 7 question have to do with how long it takes and what you have to do before your debts are discharged. 


The good news is that we help you determine right away if there is any reason why you should think of filing Chapter 13 instead of Chapter 7. It isn’t as though you have to decide on your own what would be better for you. 


Here are the things that we take into consideration; 


If you have filed Chapter 7 more than 4 years but less than 8 years ago, or if you have a pretty high income and you can’t pass the means test, then you might have to file Chapter 13 to get bankruptcy court protection. Otherwise, it is just a question of whether you would benefit from being in Chapter 13. Typically this would be if you would like to have the court protect you while you pay debts that can’t be discharged, like recent income taxes or payroll taxes, or back child or spousal support. Also, Chapter 13 would be better than Chapter 7 if you have a lot of equity in assets, like more equity in your home than could be protected by the homestead exemption.



Chapter 7

Chapter 7 is the most common kind of bankruptcy. The advantages are that it is over faster and doesn’t usually require any payments on unsecured debt. Most of our clients qualify for Chapter 7 and most of them do not have to worry that the trustee will take any of their assets. Most Chapter 7 cases are no asset cases and most people are able to discharge all of their debts. So, in other words, we end up advising most people that they have no reason to consider filing Chapter 13. 


Chapter 7 is better for most people because it is much shorter and this means that you can start to rebuild your credit faster. So this means that even though it stays on your credit longer, 10 years for Chapter 7 vs 7 years for Chapter 13, most people will have better credit sooner after filing Chapter 7 than filing Chapter 13. 


We help our clients evaluate these issues right away, usually in the initial free consultation.


Business owners can file Chapter 7 if the company doesn’t need bankruptcy court protection and the available exemptions cover the value of the business. A Chapter 7 can be filed by a business, but since there is no discharge and no exemptions for a business, this is usually done only to allow for an orderly liquidation and payment of priority claims where there are already collection efforts underway that might threaten payment of those claims by the owners. 


A typical Chapter 7 is over in 3-4 months but a disadvantage is that collection efforts on non-dischargeable debts can resume as soon as the other debts are discharged.


Chapter 13

We advise our clients to consider filing Chapter 13 only when there are special circumstances. This is usually because there are non-dischargeable debts that could be paid while you are protected in Chapter 13 or if you have non-exempt assets that would be lost in Chapter 7. An advantage of Chapter 13 is that you get bankruptcy court protection for longer than the 3-4 months that a Chapter 7 case usually lasts. We often advise our clients to consider Chapter 13 if they have tax debt or past due child or spousal support that they couldn’t handle on their own after discharging the rest of their debts in a Chapter 7. If you have more of these debts than you could handle on your own after Chapter 7, we might suggest you consider Chapter 13. We would then help to see if you could handle the payments that would be required in a Chapter 13. 


For more information on how Chapter 13 protects you from tax collections, check out our blog post. 


If you have equity in your home or other assets, we’ll help you evaluate whether it is covered by the available exemptions. If not, we’ll then consider whether you might be able to make a deal for some payments to the Chapter 7 trustee. For example, for someone who owns a $22,000.00 car with no debt against it, Chapter 7 could be a problem because this value exceeds the available exemptions. However, we might be able to make a deal with the trustee to accept for example $2,500.00 in ten monthly payments of $250.00. This would let them avoid filing Chapter 13 while still keeping their car. 


Chapter 13 cases usually last 5 years but if your income isn’t too high, it might be possible to finish your case sooner, any time after 3 years. It is very important to understand that you do not have to automatically pay your creditors in full in Chapter 13. Only a very few of our clients have to pay everyone in full and this is only because they have a lot more non-exempt assets than they have in bills or they have a lot of income and can afford to pay everyone over a 5 year period of time. 


We understand that the larger the payment, the less likely it is that our clients can complete the plan so we work hard to make the plan payments as small as possible.



Should I Choose Chapter 7 or Chapter 13 Bankruptcy?

We will guide you through this choice so you don’t have to decide on your own which one to do. However, there is no doubt that we will recommend Chapter 7 unless there is some specific reason why Chapter 13 would be more beneficial. 


The situation in which this might be true is if you have taxes or other non-dischargeable debt that you can’t handle on your own or significant non-exempt equity in your assets. You might also choose to do Chapter 13 if you have a sole proprietorship business that will need bankruptcy court protection.


In all other situations, it is likely that Chapter 7 will be better for you since it is over much sooner and will allow you to start to rebuild your credit sooner.


You can also check out this table for an easy breakdown of the differences between the types of bankruptcy. However, it is a bit of a simplification so please let us know if you have any questions and remember that we help our clients with this decision and evaluate whether there is any reason for them to think about filing Chapter 13.



How Does Each Form of Bankruptcy Affect Credit?

Since both Chapter 7 and Chapter 13 are bankruptcy cases, there will be an immediate negative impact on your credit regardless of which one you file. And while a Chapter 7 filing will be on your credit longer, 10 years instead of 7 years, there is no doubt that your credit will be better sooner if you file Chapter 7 vs Chapter 13. 


This is because you can start to rebuild your credit when your case is over. The discharge of debt comes at the end of the bankruptcy. In Chapter 7, this is just a few months but in Chapter 13 it is usually 3 to 5 years. Your credit will improve when the debt is discharged because that step will improve your debt-to-income ratio, an important part of your credit score. And, when the case is over, you can start to take active steps to rebuild your credit. 


We continue to represent our clients after either a Chapter 7 or a Chapter 13 to help them improve their credit. Because you will have extra years to work on building your credit score in Chapter 7 vs Chapter 13, it is certain that you can have better credit sooner if you file Chapter 7.


Chapter 7 and Chapter 13 in Oregon

Oregon’s homestead exemption is pitifully small compared to home values in the state; $40,000.00 for an individual and $50,000.00 for a couple. This means that more homeowners are likely to have non-exempt equity than in a state like Nevada with a $550,000.00 homestead exemption or California, with $600,000.00. And if you want to protect the non-exempt equity in your home, you have to file Chapter 13 vs Chapter 7.  We help our clients determine the best strategy to protect the equity in their homes given their individual situations. You do not have to try to figure out these complicated issues on your own. 


If you don’t own your home and have lived here for at least two and a half years, then you can use the more generous federal bankruptcy exemptions which allow you to protect much more. For most people, this is all of their assets, so you can file Chapter 7 without worrying about losing anything. Of course, we help you by evaluating your assets and your available exemptions, usually in the initial consultation. 

Get Assistance From an Attorney

When done right, bankruptcy is simple. But there can be many traps and pitfalls as well. Chapter 7 vs Chapter 13 is a complicated question and there is no doubt that it would be very helpful to have an attorney. We would help you determine if there is any reason for you to choose the longer and more expensive Chapter 13 over the quicker and less expensive Chapter 7. We are with our clients every step of the way. Just contact us, by submitting a form on our website, calling, texting, or sending us a WhatsApp message

Chapter 7 vs Chapter 13 Bankruptcy FAQ's

  • What is the average credit score after Chapter 13?

    Your credit score after Chapter 13 will depend on multiple factors. These include what your score was when you filed Chapter 13 and whether you had a home or car loans that you kept paying directly while you were in Chapter 13. Nationwide, the average credit score after a bankruptcy filing is 530 but it is possible to significantly improve your score with active steps to rebuild your credit. We continue to represent you after your bankruptcy is over to help you with this process.

  • Does a trustee check your bank accounts when you file?

    The trustee has the right to see your bank statements and almost always wants to see the last two months, up to and including the date that your case was filed. You have to provide us with 6 months of statements for every account in your name so that the trustee can get them from us if they want them.

  • What happens to your bank account when you file Chapter 7?

    It makes a big difference whether you owe money to your bank. If you do, your bank could freeze your account and may decide to take all of the money in it to apply to your debt. You should seriously consider getting a new account at a bank where you do not owe any money so that you do not have to worry about whether your account will be frozen. The Chapter 7 trustee and the bankruptcy court can investigate how much money you had when you filed the case and if you have more than what you can claim as exempt, they can demand that you turn over the excess. However, this is pretty rare because most people can use the federal bankruptcy exemptions which typically cover everything.

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Bankruptcy Attorney Q & A- (Part 2) How Soon After Bankruptcy Can I Get an FHA Loan and Buy a House?

By Judson Carsuone • May 11, 2022
Bankruptcy Attorney Q & A- (Part 2) How Soon After Bankruptcy Can I Get an FHA Loan and Buy a House? Clients frequently ask about future credit after bankruptcy and especially about if they will ever be able to buy a home. The answer to this question is not always as simple as it should be because it varies by the type of home loan. This blog addresses special mortgages backed directly by the federal government such as Federal Housing Administration first time home buyer and rehabilitation loans. If you do not qualify for one of these loans, you should read our related blog on conventional mortgages and buying a home after bankruptcy. Just paste this link into your browser window: https://www.oregon-attorneys.com/bankruptcy-attorney-q-a-how-soon-after-bankruptcy-can-i-buy-a-house The short answer is that a waiting period of one to three years after filing for bankruptcy is all that is required for Federal Housing Administration, Veterans Administration and US Department of Agriculture Rural Home Loans. But this is just as to the bankruptcy filing. Of course, you still need to take active steps after bankruptcy to rebuild your credit. Check out our blog posts on rebuilding your credit after bankruptcy https://www.oregon-attorneys.com/5-steps-to-rebuilding-your-credit https://www.oregon-attorneys.com/filing-bankruptcy-is-just-the-first-step-in-rebuilding-your-credit And, you have to have sufficient income, possibily a down payment and a good debt to income ratio to buy a house. A Chapter 7 or Chapter 13 bankruptcy will show on your credit report for 10 years and negatively affect your credit. However, loans targeted to special populations and backed by the federal government have rules that allow you to buy a home shortly after discharge. These rules are subject to change so we recommend that you consult a mortgage broker for the most up to date standards for qualifying. Here are the waiting periods for these loans so you can buy a house. ● If you otherwise qualify for an FHA loan, you must wait at least 2 years after a Chapter 7 discharge or 1 year after a Chapter 13 discharge. ● If you otherwise qualify for a VA loan, you must wait at least 2 years after a Chapter 7 discharge or 1 year after a Chapter 13 discharge. ● If you otherwise qualify for a USDA loan, you must wait at least 3 years after a Chapter 7 discharge or 1 year after a Chapter 13 discharge. In addition, if you are in a Chapter 13 plan and you need to refinance, then FHA and VA can also help you. FHA loans used to refinance a home while in a Chapter 13 bankruptcy require up to 2 years of on time payments to the Chapter 13 trustee. You must also meet the other loan standards such as sufficient income and appropriate loan to value ration. But the loan proceeds must allow you to conclude your Chapter 13 plan as of the closing of the loan. We sometimes call this buying out your plan. This can work well if you have the equity. It is also possible to use VA loans to refinance a home while in a Chapter 13 bankruptcy. You need up to 2 years of on time payments to the Chapter 13 trustee. You must also meet the other loan standards such as sufficient income and appropriate loan to value ration. But you do not need to buyout your plan. Here is a brief description of these home loans. ● FHA first time home buyer loans allow for a low down payment currently at 3.5% with a credit score at or above 580, or 10% if your credit score is between 500-580. The property needs to pass an inspection. And there is a cap on these loans that varies by county. For example, a home in Lane County can qualify up to $420,000 but in Multnomah County that amount is $598,000. ● FHA rehabilitation loans have similar standards. However, the loan can include cash out to bring the home up to the required inspection standards. The cash out is limited to $35,000 for qualifying improvements such as replacing roofing, enhancing accessibility for a disabled person or making energy conservation improvements. ● VA loans for new home purchase start with a Certificate of Eligibility (COE) to show your lender that you qualify based on your service history and duty status. This is obtained from the VA. The VA does not always require a down payment but one may be needed depending on the amount of the loan. The property needs to pass an inspection. But unlike the FHA, the VA does not set standards for the loans as to credit or income. Typical lenders do want minimum credit scores in the 600 range. ● USDA rural home loans do not require a down payment. But the home and its location are essential to obtaining this type of mortgage. For example, the house size is usually 2000 square feet or less. In fact, the home buyer must need the home to have decent, safe, and sanitary housing and be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to be met. Income qualifications are lenient as the loan can include a payment subsidy and are only available to low income borrowers. The USDA doesn't have a fixed credit score requirement, but most lenders require a score of at least 640, and 640 is the minimum credit score you'll need to qualify for automatic approval through the USDA's automated loan underwriting system. Conventional loans require a longer waiting period between bankruptcy discharge and requesting a home loan. These types of loans are not guaranteed by the federal government and can require significantly longer waiting periods. But your state or local government may have other programs that can also help. And a bank involved in the Community Reinvestment Act (CRA) will also have loans available for low to moderate income home buyers. Finally, if you were impacted by recent fires and lost your home in such a disaster, the Small Business Administration and FEMA may have loan options to rebuild. Filing bankruptcy is usually just the first step to rebuilding your credit and putting yourself back on track to possible home ownership in the future.

Bankruptcy Attorney Q & A - How Soon After Bankruptcy Can I Buy a House?

By Judsone Carusone • May 11, 2022
Bankruptcy Attorney Q & A - How Soon After Bankruptcy Can I Buy a House? Clients frequently ask about their future credit ratings after bankruptcy and especially about being able to get a mortgage to buy a house. The answer to this question is not always simple as it varies by the type of mortgage. This blog addresses conventional home loans. If you qualify for a FHA or VA loan, you should read our related blog. Just pasted this link into your browser window https://www.oregon-attorneys.com/bankruptcy-attorney-q-a-part-2-how-soon-after-bankruptcy-can-i-get-an-fha-loan-and-buy-a-house The majority of conventional home loans are sold with in 6 months by the original lender. Fannie Mae and Freddie Mac are the largest purchases of these home loans, buying upwards of 65% of the annual home loans. We call this the secondary mortgage market. The rest of these loans are purchased by banks, hedge funds and asset backed trusts. Over the life of a 30 mortgage, it may be sold several times. A bankruptcy or other major negative credit event will create a waiting period before you qualified for a home loan that can be purchase by Fannie Mae or Freddie Mac. Many original lenders want the home loans qualified for purchase by Fannie Mae and Freddie Mac. So they try to meet Fannie Mae and Freddie Mac standards in all cases. Here are the waiting periods for these home loans to be qualified for purchase by Fannie Mae and Freddie Mac. • A Chapter 7 or Chapter 11 Bankruptcy waiting period is 4 years from the discharge or dismissal date of the bankruptcy action. A 2 year waiting period is allowed if extenuating circumstances are documented. • A Chapter 13 Bankruptcy waiting period is 2 years from the discharge date or 4 years from the dismissal date. This shorter waiting period after discharge recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan. A borrower who was unable to complete the Chapter 13 plan must wait 4 years. A 2 year waiting period is allowed if extenuating circumstances are documented as to a dismissed case. • A borrower who filed more than one bankruptcy within the past 7 years has a 5 five-year waiting period from the most recent dismissal or discharge date. However, two or more borrowers with individual bankruptcies are not cumulative, and do not constitute multiple bankruptcies. For example, if the borrower has one bankruptcy and the co-borrower has one bankruptcy this is not considered a multiple bankruptcy situation requiring a 5 year waiting period. A 3 year waiting period is allowed if extenuating circumstances are documented and is measured from the most recent bankruptcy discharge or dismissal date. But the most recent bankruptcy filing must have been the result of the extenuating circumstances. You still need to rebuild your credit and avoid accumulating a lot new debt to before you can buy a house. And you have to have sufficient income and a good loan to value ratio to buy a house so you can meet the standards to qualify for a home loan. Check out our blog posts on rebuilding your credit after bankruptcy. Just paste these links into your browser window: https://www.oregon-attorneys.com/5-steps-to-rebuilding-your-credit https://www.oregon-attorneys.com/filing-bankruptcy-is-just-the-first-step-in-rebuilding-your-credit These bankruptcy waiting periods may or may not be better then the alternatives. Here are the waiting periods for non-bankruptcy major negative credit events. • Foreclosure requires a 7 year waiting period measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower. A 3 year waiting period is allowed if extenuating circumstances are documented. • Foreclosure and Bankruptcy on the Home Loan. If a home loan was discharged through a bankruptcy, the bankruptcy waiting periods is applied if the new lender can document that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable waiting periods applies. • Deed-in-Lieu of Foreclosure, Pre-foreclosure Sale (often called a short sale), and Charge-Off of a Mortgage Account require a 4 year waiting period from the completion date of the deed-in-lieu of foreclosure, pre-foreclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower. These events are alternatives to foreclosure. A 2 year waiting period is allowed if extenuating circumstances are documented. • A deed-in-lieu of foreclosure is a transaction in which the deed to the real property is transferred back to the servicer. These are typically identified on the credit report through Remark Codes such as “Forfeit deed-in-lieu of foreclosure.” • A pre-foreclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer. These are typically identified on the credit report through Remark Codes such as “Settled for less than full balance.” • A charge-off of a mortgage account occurs when a creditor has determined that there is little (or no) likelihood that the mortgage debt will be collected. A charge-off is typically reported after an account reaches a certain delinquency status and is identified on the credit report with a manner of payment (MOP) code of “9.” Additional requirements may apply, especially when seek a shorter extenuating circumstances period. Only the purchase of a principal residence is permitted. Only limited cash-out refinances are permitted. You may need a larger down payment. For the purchase of second homes or investment properties and large cash-out refinances you must wait the full 7 years. These rules are subject to change, so one should consult a mortgage broker for the most up to date requirements for buying a home.

Questions You Will be Asked at Your Meeting of Creditors

By Judson Caruson • April 30, 2022
Most people are very worried about their Meeting of Creditors and about what kind of question they will have to answer. Here is the list of required questions and suggested general questions based on a list that has been prepared by the US Trustee's Office. SECTION 341(a) MEETING OF CREDITORS REQUIRED STATEMENTS/QUESTIONS The following statements and questions are required. The trustee shall ensure the debtor answers the substance of each of the questions on the record. The trustee may exercise discretion and judgment in varying the wording of the statements/questions, if the substance of the questions is covered. 1. State your name for the record. Is the address on the petition your current address? 2. Please provide your picture ID and Social Security number card for review. 3. Did you sign the petition, schedules, statements, and related documents and is the signature your own? Did you read the petition, schedules, statements, and related documents before you signed them? 4. Are you personally familiar with the information contained in the petition, schedules, statements and related documents? To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct? Are there any errors or omissions to bring to my attention at this time? 5. Are all of your assets identified on the schedules? Have you listed all of your creditors on the schedules? 6. Have you previously filed bankruptcy? 7. What is the address of your current employer? 8. Is the copy of the tax return you provided a true copy of the most recent tax return you filed? 9. Do you have a domestic support obligation? (If so, you must complete a domestic support obligation form that your lawyer will provide. It requires that you list to whom you owe the obligation including the claimant’s address and telephone number.) Are you current on your post-petition domestic support obligations? 10. Have you filed all required tax returns for the past four years? SAMPLE GENERAL QUESTIONS To be asked when deemed appropriate. 1. Do you own or have any interest whatsoever in any real estate? If owned: When did you purchase the property? How much did the property cost? How much do you owe on it? What do you estimate the present value of the property to be? Is that the whole value or your share? How did you arrive at that value? Have you owned any real estate in the last 4 years that is not in your name now? If so, what happened to it. If it was sold, how much did you receive from the sale and what happened to those proceeds. If renting: Have you ever owned the property in which you live and/or is its owner in any way related to you? 2. Did you purchase or refinance a vehicle in the last 6 months? If yes, you will be required to provide a copy of the purchase agreement and registration to the trustee. 3. Does anyone hold property belonging to you? If yes: Who holds the property and what is it? What is its value? 4. Do you have a claim against anyone or any business? If there are large medical debts, are the medical bills from injury? Is there anyone you could sue? Are you the plaintiff in any lawsuit? What is the status of each case and who is representing you? 5. Are you entitled to life insurance proceeds or an inheritance as a result of someone’s death? If yes: Please explain the details. If you become a beneficiary of anyone’s estate within six months of the date your bankruptcy petition was filed, the trustee must be advised within ten days through your counsel of the nature and extent of the property you will receive. 6. Does anyone owe you money? If yes: Is the money collectible? Why haven’t you collected it? Who owes the money and where are they? 7. Have you made any large payments, over $600, to anyone in the past year? 8. Were federal income tax returns filed on a timely basis? When was the last return filed? At the time of the filing of your petition, were you entitled to a tax refund from the federal or state government ? If yes: Inquire as to amounts. If you received your refunds before your case was filed, what did you do with them? Did you give any of them to family or friends? 9. Do you have a bank account, either checking or savings? If yes: What were the balances in each account as of the date you filed your petition? 10. When you filed your petition, did you have: a. any cash on hand? b. any U.S. savings bonds? c. any other stocks or bonds? d. any certificates of deposit? e. a safe deposit box in your name or in anyone else's name? f. any crypto currency? 11. Do you own an automobile? If yes: What is the year, make, and value? Do you owe any money on it? Is it insured? 12. Are you the owner of any cash value life insurance policies? If yes: State the name of the company, face amount of the policy, cash surrender value, if any, and the beneficiaries. 13. Do you have any winning lottery tickets? 14. Were you divorced in the last 4 years. If so, is there anything that it still owing to you are a result of that divorce. If you are married and your spouse is not part of this case, do they have any property in their name not listed on your asset schedules. If you were to be divorced or separated, do you anticipate that you might realize any property, cash or otherwise, as a result of a divorce or separation proceeding? 15. Have you been engaged in any business during the last six years? If yes: Where and when? What happened to the assets of the business? 16. Have you made any transfers of any property or given any property away within the last four year period ? If yes: What did you transfer? To whom was it transferred? What did you receive in exchange? What did you do with the funds?
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