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Weekly FAQ #7: Difference Between Chapter 7 and 13 Bankruptcy

Weekly FAQ #7: Difference Between Chapter 7 and 13 Bankruptcy When considering the intimidating decision to declare bankruptcy, it can be confusing trying to navigate the different types. The two types of bankruptcy available to you are chapter seven, and chapter eleven.In a chapter seven bankruptcy, you are asking the court to liquidate all of your non-exempt assets, and use that money to settle your debt with your creditors. This debt can usually be discharged within a matter of months.With a chapter thirteen bankruptcy, you retain all of your property. In this situation you go through the courts to file a repayment plan and over the years discharge all of your debt. This is a slower process than a chapter seven bankruptcy, but its main advantage is not needing to liquidate your assets.Call The Law Center today at 303-991-5200 and schedule your free consultation with one of our experts to discuss your situation and find out which type of bankruptcy is the best choice for you. : The Law Center PC

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The Law Center P.C.

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