Chapter 7 is a "debt elimination" process where the debtor lists all of their assests and all of their liabilities. An individual who passes the income means test can immediately file a Chapter 7 bankruptcy. With certain exemptions provided by law most or all of the debts are discharged and the individual can make a fresh start. Learn more here or check out our Video FAQ's.
Chapter 13 also known as a "wage earners plan" is designed for individuals who need to protect the equity in their assets even though payments maybe in the arrears. The court allows most or all of the individual's debts to be placed in a lump sum in the Chapter 13 plan and to be paid off by making monthly payments to the US Trustee who in turn pays off creditors. With very limited exceptions creditors listed in the plan are barred from further collection activities against the debtor. Learn more here or check out our Video FAQ's.
We have a complete and detailed question and answer section for each type of bankruptcy on our menu. Click on the specific page menu (Chapter 7 or 13) in which you may be interested.
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