What is the advantage of filing for chapter 13 bankruptcy? 1 Answers as of November 06, 2010

Why would I want to file chapter 13 bankruptcy instead of chapter 7? It does not erase my debts which is obviously a big disadvantage, so what is the advantage of filing chapter 13?

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The main advantage is if you have a business you can continue operating it in a Chapter 13, and if you have any non-exempt assets you can keep them in a Chapter 13. Chapter 13 also enables you to lien strip (remove) wholly unsecured junior liens on residential property.
Answer Applies to: California
Replied: 11/6/2010
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