What Is The Difference Between A Chapter 7 And Chapter 13 Bankruptcies?
The decision on whether to file a Chapter 7 or Chapter 13 bankruptcy should be based on your circumstance and the kind of debts that you have incurred. A Chapter 7 bankruptcy is commonly filed by individuals who are left with very little after paying their basic monthly living expenses. Under Chapter 7 bankruptcy, most debts are discharged with your bankruptcy. A Chapter 13 bankruptcy is a debt repayment plan that allows the filer to keep the property that would otherwise be lost due to the debt. The repayment plan includes a lower or no interest rate which is approved by the bankruptcy court.
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