What Are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?

Both forms of bankruptcy can be filed by individuals, and they will both have a negative impact on future ability to obtain credit; however, there are some key differences to be aware. The main differences are the control of property and assets and the length of time for court involvement. Under Chapter 7 Bankruptcy, individuals give up their rights to excess property and assets and can get out of bankruptcy quickly. In a Chapter 13 Bankruptcy filing, the individual will generally get to keep control of his or her property, but be under court supervision for a longer period of time. Additionally, in Chapter 13, the individual will work with the court to propose an affordable repayment plans in which to pay debts over time. The quicker and decisive fashion of Chapter 7, sometimes called... Read More... What Are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?