How have the Bankruptcy laws changed?

The reforms enacted in October of 2005 were
designed primarily to prevent abuses. For the
vast majority of Chapter 7 filers (liquidation of
debt) these changes will not affect their ability to
gain a fresh start.

What is the difference between
Chapter 7 and Chapter 13

Chapter 7 is a liquidation of debt, excluding
debts for taxes, student loans, intentional
acts (liabilities due to fraud, embezzlement,
due drug and alcohol induced acts, etc.), and
support obligations, to name a few. Chapter 13
is a 3-5 year repayment plan which allocates
debt repayment from income that exceeds
reasonable living expenses.

Will I be able to keep my house
or my car?

In most cases, yes. It depends on how much
value it has over what you still owe on it.
If the value is less then you can usually
retain the property or car as long as
payments are kept current. If there is
significant value beyond what you owe on
it (equity) then it needs to be evaluated.

What about my pension and/or
retirement accounts?

Most retirement accounts are fully exempt.


This is a debt relief agency. We help
people file for bankruptcy relief under
the bankruptcy code.

This site is intended to provide general
information only. No advice from this site
should be construed to apply to your situation
nor should you act upon the information
without consulting a licensed attorney.  Any
phone calls, emails,  initial consultation, or any
other communication do not create an attorney-
client relationship – that will only occur when a
written agreement is signed.

(Copyright 2016) Grapevine Legal, LLC
All rights reserved.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s