Bankruptcy: What's the Difference Between Chapter 7 and Chapter 13?

Bankruptcy: What's the Difference Between Chapter 7 and Chapter 13?

When consumers contemplate the option of bankruptcy generally, the remedy they are specifically referring to is Chapter 13 Bankruptcy. Chapter 13 Bankruptcy approach you decide to take. On the one hand, filing Chapter 7 offers you the freedom to be rid of the heavy debt that is currently hanging over you, while Chapter 13 offers you only the chance to restructure that debt to be more manageable. But on the other hand, filing Chapter 7 also means the liquidation of almost all your valuables as well as the total devastation to your credit rating, whereas filing Chapter 13 allows you to keep many of your possessions while keeping your credit score intact.

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