Chapter 7 vs Chapter 13 - Two unique vehicles of protection:

To file bankruptcy requires clear direction and knowledge of the law, with the help of professional bankruptcy services this is easily accomplished. Here listed are the basic differences between the two most common chapters for personal bankruptcy. The biggest difference being that chapter 7 is able to eliminate (discharge) your unsecured debts, while chapter 13 helps you restructure your debts under a more affordable repayment plan:

Chapter 7 Bankruptcy	Chapter 13 Bankruptcy
Also Known as liquidation bankruptcy	Adjustment of debts for someone with income
Typically for people with little property and no disposable income	You have home equity or other assets and you intend to keep those assets
You have little or no money left after paying your creditors every month	You have income and are able to pay for your living expenses but can't manage to pay debts
Most unsecured debts can be discharged at no further obligation to you	You can keep your property and assets while your over due and current payment are adjusted to fit a new budget you can handle.
Chapter 7 can be processed quickly, your discharge could be issued in as little as 3 months	You'll have up to 5 years to catch up on back payments through a new repayment plan that you and the bankruptcy trustee will approve
Creditors can not contact you while the Automatic Stay is in effect	You make monthly payments to the trustee to distribute to your creditors, during your repayment period creditors can not contact you
Co-Signers of your debt must be responsible for the debt or file chapter 7 on their own	Co-signers may be protected under chapter 13
To qualify for chapter 7 bankruptcy you must take the means test to determine your eligibility. You must also have taken a credit counseling course, then you can file your chapter 7 bankruptcy petition.	Any individual debtor whose unsecured debts are below $336,900 and whose secured debts are less than $1,010,650.

Determining Which Bankruptcy Chapter to File

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Summary of Personal Bankruptcy Chapters:

• What is Chapter 7 Bankruptcy? - Sometimes known as liquidation bankruptcy, when you file bankruptcy chapter 7, most of your unsecured debts can be discharged at no further obligation to you. Once your petition is filed you immediately have protection from creditors under the "Automatic Stay", the court will assign you a bankruptcy trustee and you'll get a letter of appointment for your court hearing 30 days from the day you filed, this is the quickest way to end your troubles... Read More
• What is Chapter 13 Bankruptcy? - By filing chapter 13 bankruptcy your debts are restructured in a new repayment plan that must be approved by your creditors and the bankruptcy trustee. No debts are usually discharged, but rather new terms and sometimes reduced balances are worked out so that you're able to better handle your payments. In order to qualify for Chapter 13 bankruptcy services, you must have steady income and/or disposable income... Read More
• Benefits of Bankruptcy Services - The process file bankruptcy can be tedious and complicated, it can also be expensive depending on who you hire. You can get affordable bankruptcy services anywhere in the US and the benefits are always the same, they do the footwork for you and they do it by the book, start with a free bankruptcy evaluation... Read More