Would 'Big Little Lies' Renata Klein really lose her wedding ring in a bankruptcy filing? (via CNBCMakeIt)
. Colwell says Chapter 7 is almost always the preferable option of the two and is more popular across the country. Not only is it quicker — usually done and over within about four months, he says — but it's less expensive, too. At the end, the filer will no longer have to repay certain debts they've accrued.
In Chapter 7, the debtor must list all of their assets and debts for the trustee to review. Colwell says the asset forms are comprehensive: The debtor has to include their house and car, of course, but also clothing, jewelry, furniture and even pets. "When in doubt, disclose," says Colwell. That's where Renata ran into trouble with the trustee: On their assets form, she didn't list the family's Tesla or her wedding ring, which are likely worth more than whatfrom being sold. For example, California allows debtors to exempt up to $100,000 in home value. Anything above that amount can be sold and used to pay off debts, and the Kleins' $20-million home is well above that threshold.three main types: secured , unsecured and priority .
Chapter 13 is more complicated and less common: It involves creating a repayment plan for the filer's debts, says Colwell. Though Renata's financial plight isn't necessarily sympathetic — securities fraud isn't the same as not being able to repay crushing medical debt — Colwell says the stigma of bankruptcy has lessened in his decades in the field, and he encourages anyone who needs help financially to at least seek out a free consultation with a local bankruptcy attorney, which can be found by"I know it's the last place they want to be," says Colwell.
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