Consumer debtors who wish to file bankruptcy usually file either a Chapter 7 or a Chapter 13 bankruptcy. While a Chapter 7 may be preferable because it can "wipe out" many types of debts, not all debtors qualify for a Chapter 7 bankruptcy.

Generally, low-income filers are the ones who qualify under a Chapter 7. For everyone else, there's a Chapter 13 bankruptcy. If your income is above your state's "median income" for a household of your size, you may have to file a Chapter 13.

If you're facing a foreclosure, you may want to file a Chapter 13 because it would allow you to keep your home. So, the question is, what debts will you have to pay if you file a Chapter 13 bankruptcy?

How much do I have to pay back?

Under a Chapter 13, certain debts are categorized as "priority debts," and you will have to pay those creditors 100% of what you owe, while non-priority creditors will receive some of what you owe them, or they won't receive anything.

You will have to pay 100% of the following debts:

• The bankruptcy filing fee
• The trustee fees, which are up to 10% of your monthly payments
• The bankruptcy attorney fees
• Past-due spousal support
• Past-due child support
• Most state and federal tax debts
• Any money you owe to employees
• Money that you owe to an employee benefit fund
• Mortgage defaults – if you want to keep your home

If you owe any money on other types of secured debts, such as auto loans, you will have to pay back 100% if you wish to keep the property.

Non-priority debts include unsecured debts, such as credit card debt, personal loans, and medical bills, etc. These debts will receive anywhere from 0% to 100% of what you owe based on your disposable income and the length of your Chapter 13 repayment plan.

Considering filing bankruptcy? Contact a bankruptcy attorney to find out which type of bankruptcy is right for you!