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A few bankruptcy Cons Personal Pro informations.
Q. Can anyone here explain to me a little more about the combination bankruptcy filing called chapter 20? I know the basis of the idea, file a ch 13, then follow up w/ a ch 7, but what does this acheive, is it a legal loophole, and what are the pro's & cons of it? I am in the process of filing a ch13, and asked my attorney about it & she looked at me funny & didnt really want to get into it.
A. Just the opposite--it's a Chapter 7 followed by a Chapter 13. The Chapter 7 discharges the unsecured debt, and the Chapter 13 then deals with secured or priority debt over 5 years. The key is being able to show a change between the filing of the 7 and a 13 that creates the additional income to allow the 13 to proceed.
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