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Key Distinctions: Chapter 7 Bankruptcy v. Chapter 13 Bankruptcy
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is the fresh start many individuals overwhelmed by debt are looking for. Chapter 7 Bankruptcy has many advantages. In most cases, filing bankruptcy puts an end to garnishments, lawsuits and creditor harassment. It also stops temporarily stops repossessions and foreclosures. Chapter 7 Bankruptcy is a practical solution for those overburdened by medical bills, credit cards and most other unsecured debt. Often, these debts are not the result of financial mismanagement, but due to events such as serious illness or divorce that are beyond your control.
Further information on Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
In a Chapter 13 Bankruptcy, you keep your property, but pay back all or a portion of your debts over a three to five-year period. This is unlike Chapter 7 Bankruptcy, where most of your debts are cancelled. Because you end up paying most of your debts over time in Chapter 13 Bankruptcy, it is often called a wage earners plan or reorganization.
Further information on Chapter 13 Bankruptcy