Up 49. Which is the best option; Chapter 7 or 13?
The answer really depends on your financial picture. An individual with serious financial difficulties would most likely find Chapter 7 “straight” bankruptcy proceeding as the preferred type. A Chapter 7 proceeding, used by approximately 70% of all consumers filing bankruptcy petitions, is faster to complete, giving the debtor a financial “fresh start” without the years of sacrifice. On the other hand, a Chapter 13 plan offers an alternative if you have a steady income, a stable job, and want to pay off most or all of your debts.
