2007-02-20 06:55:15 · 5 answers · asked by just me 1 in Business & Finance ➔ Credit
7 total discharge from the debt
13 repayment of debt plan
2007-02-20 06:57:50 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
With the new bankruptcy laws, Chapter 7 is limited to people who basically have no income & no assets that can be attached. If you are just a working person who is in over your head, you will prolly only have the option of a Chapter 13. It will ruin your credit, suck up all your money & help very little. The new bankruptcy law treats people who file the same as the IRS treats tax cheats. Try to avoid it at all costs. If you really want help with your finances, see the website below. This guy has seriously helped dh & I get our financial act together. It has not been easy, but it is worth it. I can't even imagine where we would be if we had not found him on the radio a few years ago! (BTW, I do not receive any benefit from him for promoting him, but his system is simple, biblical (but not preachy) & it works!
2007-02-20 15:02:19 · answer #2 · answered by Tom's Mom 4 · 0⤊ 0⤋
chapter 7 comes between chapters 6 and 8 where as chapter 13 comes between chapters 12 and 14
hope this clears it up for you
2007-02-20 14:59:58 · answer #3 · answered by zed10096 1 · 0⤊ 0⤋
chapter 7 you pay nothing, 13 the court appoints a trustee to who you pay a designated amount. thanks to GW Bush the filing of bankruptcy has become more difficult so you have to consult a lawyer and go through pre-bankrupcy filing process. chapter 7 affects your life longer and 13 you can have your life back quicker (3-5 years vs 10 in chapter 7) you can usually get a bankruptcy lawyer consult for no charge but once you start the actual paperwork you will have to pay for filing fees.
2007-02-20 14:59:38 · answer #4 · answered by bella36 5 · 0⤊ 0⤋
chapter 7 you are cleared of all debt. chapter 13 means you still pay your debts.
2007-02-23 00:27:29 · answer #5 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋