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    dnixon91's Avatar
    dnixon91 Posts: 2, Reputation: 1
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    #1

    Nov 3, 2007, 06:34 PM
    Chapter 7 or 13
    What is the differents between chapter 7 and 13
    txhutch07's Avatar
    txhutch07 Posts: 6, Reputation: 1
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    #2

    Nov 9, 2007, 02:29 PM
    Chapter 7 bankruptcy is a federal court procedure in which debtors are able to eliminate most types of unsecured debt. Chapter 7 bankruptcy is often called the liquidation bankruptcy and aims to give individuals a fresh start.

    Chapter 13 bankruptcy is a federal court process in which debtors are able to repay all or some of their debts through an interest-free payment plan over a 3 or 5 year period. Chapter 13 bankruptcy is often called the reorganization or repayment bankruptcy.

    If you are considering filing, please obtain a good attorney. Most bankruptcy attorneys will do a free consultation. That way if you are not comfortable with one you can go to another one.

    I worked for a creditor for almost 10 years and really wish people did their homework before filing.
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