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In many cases, Chapter 7 bankruptcy is a better fit than Chapter 13 bankruptcy. For instance, not only is Chapter 7 quicker, many people prefer the following two things as well: filers keep all or most of their property, and. filers don't pay creditors through a three- to five-year Chapter 13 repayment plan.

For Chapter 7 bankruptcies, the court filing fee is $338. This type of bankruptcy ? known as a liquidation bankruptcy ? is typically simpler than a Chapter 13. The filing fee for a Chapter 13 is $313.

Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation. Municipalities?cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize.

Debts such as child support, alimony, most student loans, and certain tax debts are typically not discharged. A Chapter 7 bankruptcy is typically removed from your credit report 10 years after the date you filed, and this is done automatically, so you don't have to initiate that removal.

The $125,000 Washington State Homestead Exemption. If your home has at least $125,000 of net equity in it (after deducting approximately 8.0 % for cost of sale/settlement costs), you can keep your home in bankruptcy and still discharge your qualifying unsecured debts.

For example, typically under Federal exemptions, you can have approximately $20,000.00 cash on hand or in the bank on the day you file bankruptcy. The vast majority of my clients have considerable less than $20,000.00 in the bank the day I file their bankruptcy.