In this article, our Naperville Chapter 7 bankruptcy attorneys explain the difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. We explain who can qualify for a Chapter 7 bankruptcy versus a Chapter 13, and the differences in the treatment of assets and debts.
In a Chapter 7 bankruptcy, your debt is completely wiped out, with certain limited exceptions. A Chapter 13 bankruptcy involves a payment plan to pay off the debt in 3-5 years. To assist you, we outline different situations in which our clients may want to file for Chapter 13 bankruptcy rather than Chapter 7 bankruptcy.
Find out more about the differences and what each process involves in this article by our Naperville Chapter 7 bankruptcy attorneys.