HOW IS A CHAPTER 13 BANKRUPTCY DIFFERENT FROM CHAPTER 7?

There are several major differences between the two. Only a few of them are outlined here. Basically, both protect from creditors on the date of filing and result in a discharge of debt when completed. However, how you get there is completely different. Several key differences are as follows:

Chapter 7 lasts about three months, where Chapter 13 can last between 36 and 60 months.
Chapter 13 will provide a plan to pay for a financed car, mortgage arrears, taxes, and other debts. Chapter 7 just highlights what debts are discharged and you are left to make a plan to pay any debts that are not discharged or you want to keep such as a car or home loan.
The debts discharged in Chapter 13 are about the same as those in Chapter 7. One big difference is that divorce property settlements are discharged in 13 and not 7.

Rob Russell2021-03-12T19:30:27+00:00

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