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Chapter 20 Bankruptcy

Is there really such a thing as a chapter 20 bankruptcy? I read on a chat room that it just means you file chapter 7 and chapter 13 bankruptcy at the same time. Is that true?

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Not quite.  No, there is no such thing as a chapter 20 bankruptcy.  The term refers to the practice of filing a chapter 13 bankruptcy as soon as legally possible after filing for chapter 7 bankruptcy.  The law does not allow a person to file simultaneous petitions for bankruptcy, and current law prohibits a person from filing for chapter 13 until she has received her chapter 7 discharge.  Sounds confusing, and it is.  Whatever goals you are trying to accomplish as you ponder a "chapter 20" bankruptcy, I encourage you to talk to a bankruptcy attorney before you file any type of petition.  An experience attorney can help you analyze your situation and decide whether or not you should file bankruptcy and, if so, whether Chapter 7 or Chapter 13 bankruptcy is right for you.  Good luck.

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