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Presented by H. David Cox

Outlines the basics of filing consumer debtor cases under chapter 7 vs. chapter 13, and the effectiveness of each depending on the financial situation of the debtor.

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Chapter 7 & 13

David Cox, a bankruptcy attorney, explains the differences between Chapters 7 and 13 of the Bankruptcy Code. Chapter 7 involves liquidating non-exempt assets for discharge of debts, while Chapter 13 offers a repayment plan to keep non-exempt assets. Eligibility for discharge is regulated by the timing of prior bankruptcy filings. Secured claims are handled differently in each chapter, with more flexibility in Chapter 13. The Means Test determines a debtor's ability to pay, with specific thresholds for presumption of abuse. Chapter 13 offers unique benefits like stripping off second mortgages and protecting co-debtors. Both chapters have their advantages, and understanding these differences is crucial for effective legal advice.

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29 minutes 40 seconds

Bio :

H. David Cox is the founding member of Cox Law Group PLLC in Lynchburg, Va., and practices bankruptcy law throughout the Western District of Virginia. Prior to entering private practice, he clerked for the late Hon. William E. Anderson. He co-edits the treatise Bankruptcy Practice in Virginia, co-authored the fourth edition of ABI’s Consumer Bankruptcy: Fundamentals of Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code, and has lectured at numerous regional and national CLE programs. Mr. Cox is a member of the National Bankruptcy Conference, a Fellow of the American College of Bankruptcy, chair of the Bankruptcy Law Section of the Virginia Bar Association and a faculty member of the mandatory Virginia State Bar Harry L. Carrico Professionalism Course, and he serves on ABI’s Board of Directors. He received his B.A. in 1992 from Virginia Tech and his J.D. in 1995 from the University of Richmond - TC Williams School of Law.

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