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McCord & Hemphill | Bend Attorneys | Bankruptcy | Estate Law

Bankruptcy Type Comparison

Bankruptcy Type Comparison

Chapter 7 Chapter 11 Chapter 12 Chapter 13
Type of Bankruptcy Liquidation Reorganization Debt Adjustment for Family Farmers or Fisherman Debt Adjustment for Individuals
Types of Debt Wipes out most unsecured debt, credit cards, medical bills.
Residency Residency, domicile, business, assets in the U.S. Same Same Same
Citizenship U.S. citizenship not required. Must have valid Social Security number or IRS Tax ID number. Same Same Same
Credit Counseling Must be completed within 180 days prior to filing bankruptcy (some exceptions apply). Required for individuals, not corporate entities. Same Same Same
Minimum Debts None None Farmers: 50% of non-home-mortgage debt, must be farm-related. Fishermen: 80% of non-home-mortgage must be fishing-related. None
Maximum Debts (Adj Every 3 Years) None None Farmers: $3,792,650 total debt. Fishermen: $1,757,475 total debt. Unsecured $394,725, Secured $1,184,200
Debtor Status Individuals or entities, not railroads, banks, or insurance companies. Individuals, corporate entities, and railroads. Individuals or corporate entities; must be family farmer or family fisherman. Individuals Only
Income Requirements Pass income test. None Regular annual income and 50% of income from farming/fishing operation. Regular Income
Effect of Dismissal of Prior Bankruptcy You are ineligible to file bankruptcy if your prior bankruptcy case was dismissed in the prior 180 days due to 1) you failed to appear in court or failed to follow the court's orders or 2) you voluntarily dismissed the prior case after creditors obtained relief from automatic stay. Same Same Same
Filing Fees (09/19/2018) $335 $1,717 $275 $310
Fee Waiver or Installments with Court Approval May be waived or may be paid in installments up to 90 days. May be paid in installments up to 90 days. May be paid in installments up to 45 days. May be paid in installments up to 45 days.
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