People who have accumulated a large debt have many options. However, if a person becomes aware that the alternatives to bankruptcy are not feasible, then a decision must be made between the filing of proceedings under Chapter 7 liquidation proceedings or adjustment of debts under Chapter 13. The bankruptcy filing 7 bankruptcy is the best definition for a discharge of debts (with some exceptions) while retaining some assets such as a house, household items and cars provided they do not exceed certain values determined and # xe9; eg by the United States Bankruptcy Code Chapter 7 is consider a liquidation ‘ “However, if the decision filed using the bankruptcy code to the best of your abilities some activities They can be maintained, while the overwhelming debt is removed. To be eligible for a Chapter 7 bankruptcy, the applicant must reside or be domiciled in the United States USA. Moreover, they may not have been a debtor in a bankruptcy case in time of 180 days before the filing of proc & # xe9; lasts for bankruptcy in progress, they must receive recommendations from an approved budget to non-consulting organization without -profit credit before filing and putting family “average” test of income. To receive a discharge in a Chapter 7 May to a person not having received a Chapter 7 bankruptcy d & # xe9; load in the last eight years or a Chapter 13 discharge within the last six years. L ‘& # xe9; lement which will fully determine whether you can submit a Chapter 7 is the “average family income level.” The individual or couple should review the income realized during the past six months and average out. If, when the average income is measured by the average “family income” as stated in 11 USC § 707 (b) (7) and falls below, then a Chapter 7 filing is ; adequate. If your household income above average “family income”, then the person or couple will be subject to audit resources. The means test calculation assumes the average value of labor income during the six months before the bankruptcy, and subtracts the average of d & # xe9; think a month. This determines the margin of surplus income. Using this figure to determine if the excess income above the maximum margin of 11 USC § 707 (2) (A) (i) and Pose if you are eligible for Chapter 7 bankruptcy. If you can not file for Chapter 7 for a family, “average,” too high & # xe0, control resources by default, then your other option is to present a chapter 13. The bankruptcy 13 bankruptcy allows a person to seek protection of their property and develop a plan to pay creditors to make monthly payments to a trustee under judicial control. The plan may be for a minimum of 24 months or up to 60 months. To be eligible to file for bankruptcy under Chapter 13, the applicant must reside in the United States, have a regular income, have unsecured debt less hand $ 336,900 and the debt is less than $ 1,010,650 and receive advice from an unapproved Budge the use and credit counseling agency. To obtain a discharge in a chapter 13, an individual must not have received a discharge in Chapter 7 bankruptcy of the previous 4 years or received a discharge in Chapter 13 during the past 2 years. The main advantage of a deposit of 13 Volume of filing of the Chapter 7 is a debtor to pay a portion of his compensation before the bankruptcy Cre during the Chapter 13 plan can not obtain a release of outstanding balances, while keeping all their assets, prevent exclusion of a house and more debt are considered to be dischargeable in a Chapter 13 verses a Chapter 7. The disadvantages of a chapter 13 verses a Chapter 7 is that the registrant must pay something for the unsecured creditors a reduced amount of debt against any integer. However, in a filing of Chapter 7, it could result in a discharge of any obligation of bankruptcy, all or almost all, without any pre-payments. Another disadvantage of a chapter 13 is that the discharge will not be received until all payments required by the plan are effectu & # xe9; s, while the Chapter 7 debtor will usually get a burst of three to five months the date of filing. It is essential that when you try to determine whether bankruptcy is the right option to contract a lawyer to discuss the whole issue, examine the current financial situation, determine what is most ; important to keep and let go and decide what is the best plan for their situation.