Difference between chapter 7 and chapter 13 bankruptcy? 6 Answers as of November 04, 2010

Hello. I am looking into bankruptcy as an option for myself, and I do not understand the difference between chapter 7 and chapter 13. Can someone explain it to me? Thanks.

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Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
It is best to contact a bankruptcy lawyer for a free consultation. Depending upon your personal financial situation and goals, one or the other may be right for you. You need to qualify to file under chapter 7 and must pass what is called the Means Test for household size and income. So, the answer for you is, "it depends."
Answer Applies to: California
Replied: 11/4/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
That is a very broad question. Chapter 7 is a straight liquidation of non-exempt assets. Chapter 13 is a repayment plan for individuals with debts below a certain amount. There are pros and cons for each and you need to consult with a bankruptcy attorney about which, if either, is best for you.
Answer Applies to: California
Replied: 11/3/2010
Diana K. Zilko, Attorney at Law
Diana K. Zilko, Attorney at Law | Diana K. Zilko
The difference between a Chapter 7 and a Chapter 13, is that with a 7 you are looking to discharge your debts completely, while a 13 involves a repayment plan. Your income, assets, and debts will determine which Chapter fits your situation.

If you have any further questions, please let me know.
Answer Applies to: California
Replied: 11/3/2010
The Law Offices of Robert L. Driessen
The Law Offices of Robert L. Driessen | Robert L. Driessen
It all depends upon your assets and income. If you own a house a ch 13 maybe better for you. You really should sit down with an attorney to discuss your options.
Answer Applies to: California
Replied: 11/2/2010
The Shakoori Law Group
The Shakoori Law Group | Rachelle Shakoori
Chapter 13 is for people who do not qualify for chapter 7 (ex too high of an income) or are behind on secured debt like your mortgage. Chapter 13 is a payment plan whereas 7 assuming you qualify discharges most unsecured debts (like credit cards, medical bills, etc)

Contact me and I will be happy to discuss in more detail.
Answer Applies to: California
Replied: 11/2/2010
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