question

Hello debt123 -

Your income & assets will be put through a "means test" - in other words, this test determines if you have the means to pay back any of your debts at all, or not.

Chapter 13 is commonly called the "wage earner plan" - and for good reason. If you have a job and can pay back at least a portion of your debts, you will most likely end up filing for Chapter 13 Bankruptcy.

If you do not have the means to repay your debts (or you are willing to allow the trustee to sell any non-exempt assets to get the money to repay your debts), you could be filing Chapter 7.

In Chapter 13 and Chapter 7, there are exempt assets, which vary according to the state you live in. Your best bet is to meet with a bankruptcy attorney to determine which Chapter you would file for in your situation. Most bankruptcy attorneys offer a free initial consultation, with no obligation to file or use their services if you decide to file. Write down a list of questions for them, and set up a meeting - it certainly can't hurt to be informed before you proceed.

If I have a cosigner on one of the loans, will they go after him/her during the chap 13 process? And will the cosigners credit stay the same or show up as bankruptcy on their report? Thanks