What is the difference between Chapter 7 and Chapter 13 bankruptcy?
When individuals or families find themselves overwhelmed with debt and unable to meet their financial obligations, bankruptcy can provide a legal avenue for debt relief – and a fresh start. The two most common forms of personal bankruptcy in the United States are Chapter 7 and Chapter 13 bankruptcy. While both options are designed to help individuals manage or eliminate their debts, they differ significantly in terms of process, qualifications, and outcomes. (more…)