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CHAPTER 11 13  Form

CHAPTER 11 13 Form

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[Music] hi there this is Jonathan ginsborg I'm an Atlanta area bankruptcy attorney and today I'd like to talk to you about the differences between chapter 7 chapter 13 and chapter 11 these are all forms of bankruptcy that an individual could file um and I'm going to break it up into chapter 7 versus chapter 13 and chapter 11 and I'll tell you why in a second but basically a chapter 7 is a is a essentially a liquidation where an individual files bankruptcy uh typically has relatively low income certainly has to meet with they call the means test standard which means that income has to be sort of at a at a certain level set by the government around $70,000 for a family of four um is kind of the the basic number and so as long as your income is relatively low and you have limited equity in property uh you can file chapter 7 and it wipes out debt the nice thing about chapter 7 is it basically wipes out debt completely your unsecured debt credit card debt medical bills and so forth just go

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