Difference Between Chapter 7 and 13 Bankruptcy

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There are major differences between Chapter 7 and 13 Bankruptcy. The Chapter 7 Bankruptcy is one of the most popular forms of bankruptcy chosen by clients. This type is also known as liquidation bankruptcy and consumers agree to allow their bankruptcy trustee to expunge your non-exempt assets in exchange for a discharge of debts. Normally, this type of bankruptcy would take up to three to four months for completion. However, in Chapter 13 Bankruptcy, consumer assets are not liquidated. Chapter 13 is more known as wage earner's bankruptcy and involves a repayment plan with the bankruptcy court to pay back portions of your debts over a few years time period. Normally, this type of bankruptcy is extended over a three to five year plan. Most debts after the repayment plan would be discharged by the court after completion.