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What is the difference between a chapter 7 and a chapter 13?

April 26, 2017Chapter 13 chapter 7

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What is the difference between a chapter 7 and a chapter 13?

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A Chapter 7 is the total liquidation bankruptcy where your non-exempt property is liquidated to pay money to your creditors. Most people do not lose any property when filing a Chapter 7. A Chapter 13 is the reorganization bankruptcy, which allows you to pay what you can afford towards your debt and discharge the unpaid portion. An attorney will help you decide which type is best for you.