A Chapter 7 Bankruptcy wipes out all a person's eligible debts usually within four months. In the vast majority of cases the debtor has no assets that he or she would lose. Chapter 7 bankruptcy gives a person a relatively quick "fresh start".
A Chapter 13 Bankruptcy is for people who want to pay off part of their debts over a period of three to five years.
Wednesday, August 19, 2009
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1 comments:
Thanks for this basic difference between chapter 7 bankruptcy and chapter 13. Most of people has confusion about these.
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