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Most individuals tend to file for Chapter 7; most businesses opt for Chapter 13. But not always. Some business owners opt for Chapter 7, and some homeowners end up filing a Chapter 13...
The biggest differences between Chapter 7 and Chapter 13 bankruptcy are what happens to your property and who qualifies financially. Chapter 7 requires you to sell property that isn’t exempt to pay off your debts.
Chapter 7 and Chapter 13 bankruptcy differ in their approaches to repaying your creditors and their ability to protect assets you may want to keep. While both can provide relief from crippling debt, they also do significant harm to your credit and ability to borrow money.
Which should I use—Chapter 7 or Chapter 13 bankruptcy? Most people who file for bankruptcy choose Chapter 7 if they meet the eligibility requirements. Chapter 7 is a popular choice because, unlike Chapter 13, it doesn't require filers to pay back debts.
The main differences of Chapter 7 vs. Chapter 13 bankruptcy are the eligibility requirements, how debts are resolved and the time frame. Check out this table to get an understanding at a...
Here's how Chapter 7 and Chapter 13 bankruptcy differ. Choosing to file for bankruptcy is a big decision, but it’s the first of many that filers will encounter as they go through the...
Chapter 7 and Chapter 13 bankruptcy are two very different legal options with different potential consequences, but both can help if you’re in over your heads with debt. Chapter 7 bankruptcy, also known as a liquidation, is a legal option that can help you clear some or all of your debt.
Getty Images. Whether you're facing foreclosure, maxed-out credit cards or constant calls from creditors, you'll eventually have to do something for financial relief. One option is bankruptcy. However, you'll face a choice between Chapter 7 vs. Chapter 13 bankruptcy, so it helps to understand them.
Chapter 7 and Chapter 13 bankruptcy are the two most common types of personal bankruptcy filings. Chapter 7 bankruptcy can wipe out unsecured debts like credit card debt and medical bills in just 3-4 months.
You want to save your home from foreclosure. Filing for Chapter 13 may permanently stop a foreclosure. An automatic stay will temporarily prevent a foreclosure until the court confirms the debtor's repayment plan.