Steven L. Lefkovitz - Attorney At Law

There are (4) types of bankruptcy:

Chapter 7:
This is often referred to as "fresh start" bankruptcy. It discharges most unsecured debts. It also discharges secured debts if you choose to surrender the property securing the debt.

Chapter 13:
To qualify for chapter 13, among other requirments you must have regular income. Chapter 13 provides for repayment of at least a portion of your debts through a monthly payment plan to the court trustee, usually three (3) years, up to a maximum five (5) years. Any remaining balances for most unsecured debts will be discharged.

Chapter 12:
This is similiar to chapter 13, but for family farmers.

Chapter 11:
This is similiar to chapter 13, but is used mostly by large businesses.

One of the reasons most people file for bankruptcy is to get a "discharge".
A discharge is a court order that you do not have to pay certain debts.
Some debts cannot be discharged. For example, you cannot discharge debts for:

• Most taxes
• Child support
• Alimony
• Most student loans
• Court fines and criminal restitution
• Personal Injury caused by driving drunk
or under the influence of drugs
• Debts obtained through fraud or deceit
• Debts not listed in bankruptcy

When one files for bankruptcy . . . a complete financial disclosure is required, that is, what you owe, what you earn, and what you spend.

Your disclosure must be accurate and complete as possible, especially since you are giving this information under oath. You must provide year-to-date income as well as income for the (2) previous years from all sources. You must list all current average monthly expenses.

Steven L. Lefkovitz
618 Church Street • Suite 410
Nashville, TN 37219