The Difference Between
Chapter 13 & Chapter 7 Bankruptcy
Chapter 13 Bankruptcy:
Chapter 13 bankruptcy enables individuals who receive a regular income to develop a plan to repay their debts in installments over three to five years.
Under Chapter 13 bankruptcy, borrowers work with an attorney to create a plan that highlights how debts, liens, assets, and liabilities will be dealt with.
Bankruptcy Process
Chapter 7 Bankruptcy:
Chapter 7 bankruptcy gives debtors a fresh start by eliminating many of their debts, including credit card bills, personal loans, medical bills, and wage garnishments.
With a few exceptions, all debtors must participate in a credit counseling course with a government-approved nonprofit credit counseling agency before filing for Chapter 7 bankruptcy to determine if there’s another way to repay the debt.
Bankruptcy Process
Contact Us for a Free Evaluation!
(256) 617-7115