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What’s the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 Bankruptcy (liquidation) is a legal option that can help an individual to clarify their Debt. But is also a process in which you have to surrender assets like property, cash whereas Chapter 13 Bankruptcy is also a legal way in which you will be able to obtain some debt discharged but it would also allow you to keep your property and repay your Debt in a few years of the repayment plan. Make sure before filling either type of bankruptcy examine thy type of debt you have.

You don’t need to discharge the child support by following any option, Alimony and certain taxes. If you are having your Deb out of those categories and you have exhausted all other option to repay them like asking about chapter 7 or chapter 13 might be helpful for you but each type of bankruptcy has some pros and cons so it is very important to analyze everything before considering which type is better for you. You can take complete guidance by hiring a Bankruptcy Lawyer for deciding what is better for you.

Should I file for chapter 7 – You can consider chapter 7 option if you have little or no disposable income. You have to pass a means test for proving yourself that you are not able to pay your order in order to file. Here are a few things you have to consider before deciding for chapter 7 Bankruptcy. It can reduce your monthly debt-repayment load.

It can provide you relief from the debt collectors and clear your Debt faster with chapter 7 than chapter 13. If you have your own property and you want to keep it you can consider chapter 13 Bankruptcy. It can help you to repay debt and discharge your debt within 3 to 5 years. You should hire a Bankruptcy Lawyer for sorting all these issues by following any form that could be best for you.