What Is the Difference Between Chapter 13 and 7 Bankruptcy?

What is the Difference Between Chapter 13 and 7 Bankruptcy?

Many people find themselves embroiled in difficult financial circumstances at different points in their lives for many different reasons. If you lose your job or have mounting debts that you cannot get a handle on, it may seem as if there is no way out. Thankfully, there are legal channels available that can help you regain control of your finances and achieve a fresh start. Depending on your eligibility, Chapter 7 or Chapter 13 bankruptcy could help you get rid of or re-organize your debts, respectively.

If you or a loved one is in serious financial trouble, there is help available to you from experienced attorneys. Contact a bankruptcy attorney today to find out how Chapter 13 or 7 bankruptcy can help you build a solid financial foundation for you and your family.

Chapter 13 and Chapter 7 Bankruptcy Differences

These two forms of bankruptcy were created to help individuals overcome their debts issues in a completely legal way. However, chapter 7 and 13 bankruptcy differ in the following ways:

Chapter 7 can result in many debts being discharged, or erased altogether
Chapter 13 helps individuals establish a manageable repayment plan to pay back debts over time

Speak with an attorney today to find out which type of bankruptcy would be the best and most applicable for your situation. There is no one solution that is right for everyone in every circumstance, so you should speak with an experienced professional to find the best solution to your financial problems.