| Organization in charge |
united States Bankruptcy Court |
| Implemented year |
1898 |
| Eligibility |
a debtor who has no disposable
income and property |
a debtor who has monthly
disposable income |
| Dischargeable debts |
all unsecured debts
※ alimony, maintenance,
child support, some taxes not included |
all unsecured debts
※ alimony, maintenance,
child support, some taxes not included
(Education fund partially included) |
| Debt limits |
no limit |
unsecured debt limit : $419,275
secured debt limit : $1,257,850* |
| Repayment period |
- |
3~5 years |
| Reduction and discharge of debt |
discharge after liquidation of nonexempt property |
the “best interest of creditors”- pay at least the liquidated value of nonexempt property |
| Coverage of secured debt |
none |
| Legal effect |
order of court(final judgement) |
| Public record on credit report |
remains for 10 years from the filing date |
remains for 7 years from the filing date |
