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            CHAPTER 7 VS. CHAPTER 13

            CHAPTER 7 VS. CHAPTER 13

            Bankruptcy Law books with a court gavel

            There are two main ways to file bankruptcy and get debt relief, chapter 7 vs chapter 13. Each has its benefits and limitations. Which one you choose or “qualify for” depends on:

            • Your Finances
            • Types of debt
            • Your Income
            Chapter 7 Chapter 13
            Approach Debt Elimination Debt Restructuring
            Summary Certain debts can be completely eliminated in 3-5 months. Quickest method. You still make payments to your lenders, but at a much lower and manageable payment schedule that keeps you or your business operating.
            Who files? Individuals & Some businesses Individuals & Sole Proprietor businesses
            Creditors
            Staying actions
            Yes – Immediately put a hold on
            most creditors collection activities
            Yes – (same)
            My Assets Best for those with few assets.
            May need to liquidate some assets.
            Keep your 广东福彩app下载, vehicle, etc
            My Bills
            Dealing with Debt
            Eliminate all unsecured debt
            (loans not backed by assets, like credit cards, medical bills, utilities, etc.)
            Adjusts debts for lower payments. Affordable payment plans with debts gone in 3-5yrs.
            Income Needed Best for those with low income Best for those who can pay living expenses but not their current debts.
            How long does it take? 3-5 months, depending on your situation 3-5 year plan to pay off debts
            Qualification
            Who can file?
            Pass the means test. A formula to see if your income is low enough, or if you need to file chapter 13. Must have enough income to meet your new obligations, minus certain expenses.
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