"What's the difference between a Chapter 7 and a Chapter 13 bankruptcy?"

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Chapter 7 bankruptcy is a “straight” bankruptcy — it wipes out your debts (except those that are not dischargeable).

Chapter 13 is also called “debtors court” — it is where your debts are reorganized and some or all are paid off over typically 5 years.

Either way you get the protection of bankruptcy court.

Chapter 7 usually results in discharge in just a few months.

Typically you file chapter 13 because you make too much money or you have too many assets.

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John

John G. Watts
Watts & Herring, LLC
Representing consumers across Alabama
205-879-2447

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“No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.”

What Happens to Secured Debt in Chapter 13, "What's the difference between a Chapter 7 and a Chapter 13 bankruptcy?".

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So attempt to pay off the loans which have higher rates of interest. Dedicate a section of your budget plan for paying off debts. Some people nevertheless, believe the other method round.

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