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Roger, Attorney
Category: Bankruptcy Law
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Under the current bankruptcy laws, is there a difference in

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Under the current bankruptcy laws, is there a difference in the percentage of the debt that must be paid back between California and Ohio? And what percentage must be paid back?The amount in question is $50,000 in credit card debt.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 8 years ago.

Bankruptcy law is federal law, thus its application would be the same anywhere in the United States.


If you file a Chapter 7, which is a complete liquidation, you only have to pay back whatever pro rata percentage of debt your liquidated assets will pay. There is no set percentage.


If you file a Chapter 13, which is a reorganization of debt into a 3-5 year repayment plan, you will get to keep all assets and pay 100% of the debt off.

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