Posted on: 14th Jan, 2013 01:45 am
What is the main difference between Chapter 13 and Chapter 7 bankuptcy? I cannot decide which one I should be filing.
hi guest,
you haven't mentioned your situation in detail. in such a situation, it is difficult for us to let you know which option will be best suited for you. nevertheless, a chapter 13 bankruptcy will help you reorganize your debts so that you can pay them off easily. a chapter 7 bankruptcy filing will help you in getting a discharged from your debts.
thanks,
jerry
you haven't mentioned your situation in detail. in such a situation, it is difficult for us to let you know which option will be best suited for you. nevertheless, a chapter 13 bankruptcy will help you reorganize your debts so that you can pay them off easily. a chapter 7 bankruptcy filing will help you in getting a discharged from your debts.
thanks,
jerry
Hi Guest!
Welcome to forums!
As Jerry has rightly said, if you file Chapter 13 bankruptcy, you will get a repayment plan based on your financial situation. You will have to pay off the debts as per that payment plan and get a discharge from them.
In case of Chapter 7 bankruptcy, you will have to list your assets and liabilities. The bankruptcy trustee will sell off those assets in order to pay off your debts. This will help you get a discharge from your debts.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As Jerry has rightly said, if you file Chapter 13 bankruptcy, you will get a repayment plan based on your financial situation. You will have to pay off the debts as per that payment plan and get a discharge from them.
In case of Chapter 7 bankruptcy, you will have to list your assets and liabilities. The bankruptcy trustee will sell off those assets in order to pay off your debts. This will help you get a discharge from your debts.
Feel free to ask if you've further queries.
Sussane