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What is the difference between a Chapter 13 and a Chapter 7 bankruptcy?

April 26, 2017Bankruptcy Chapter 13 chapter 7 difference

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What is the difference between a Chapter 13 and a Chapter 7 bankruptcy?

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A chapter 7 bankruptcy offers the opportunity to discharge all debt allowable under the bankruptcy code. Some debts, such as student loans, intentional torts or restitution for crimes, are not dischargeable. Chapter 13 bankruptcy is an individuals chance to reconfigure their debt obligations, lowering their monthly payments but not necessarily discharging their debts.