Negotiate a Debt Settlement

What chapter of Bankruptsy do I need to file to eliminate debt completley? Not having to pay it back.?

is it 7 or 13 ? Bankruptcy***

Public Comments

1. Chapter 7 will eliminate most debts, but not taxes, student loans, debts from fraud or debts from criminal actions. Chapter 13 you have to work out a payment plan, and after the plan the debts are eliminated. Most bankruptcy attorneys will give you a free initial consultation. Don't attempt it without a bankruptcy attorney.
2. Chapter 7, but that wreaks havoc on your credit. It's better to do chapter 13, where your debt is consolidated and you can pay it off over time. That is much easier on your credit.
3. Chapter 7 will eliminate everything except student loans, child support & tax liens. First you have to go through 6-months of credit counseling and then take whats called a means test to determin weather you qualify for chapter 7 or chapter 13. If you make more than the average annual income for your State, you will be forced into chapter 13. Actually the other poster is incorrect. Chapter 7 is actually better for your credit as far as going out and getting other loans because you have no debt and can't file again for 7-years. Both chapter 7 & 13 show on your credit for 10-years. It is very possible to recover from a chapter 7 in as few as 2-3 years if you know how to re-establish your credit.
4. Chapter 7 will wipe out all of your debt but you will have to liquidate your assests! Chapter 13 is a repayment program.