Return to list of questions What are the differences between Chapter 7 and Chapter 13?
Chapter 7 of the Bankruptcy Code is entitled “Liquidation” and as the name implies, generally requires the sale or foreclosure of all non-exempt property. In most instances, the Chapter 7 debtor is promptly discharged from all or most pre-bankruptcy debts and receives a fresh start on a new economic life. This new economic life frequently begins only with exempt assets.
