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What is the difference between a chapter 13 and a Chapter 7 Bankruptcy

What is the difference between a chapter 13 and a Chapter 7 Bankruptcy

BankruptcyBankruptcy proceedings are governed by Federal Law. There are different types of bankruptcies,. For individuals the most common are Chapter 7s which mean a total discharge, and a Chapter 13, which means a debt reorganization. Which one to choose depends on your income, how much debt you have, and how many assets you have. Under a chapter 7, except for the debt you reaffirm and thereof the assets you keep, you get to start fresh and clear of all debt. Under a Chapter 13, you get to keep most of your assets, but you enter an adjusted repayment plan over a 3 to 5 year period.

It is critical to discuss your options with an experienced attorney, as how you designate your assets and income can maximize your rights.