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Chapter 7 vs. Chapter 13 Bankruptcy Filings: What's the Difference?
['Christy Rakoczy Bieber Is An Attorney Turned Personal Finance Writer Who Has Spent Years Helping Readers Understand Social Security', 'The Claiming Rules', 'The Policy Shifts', 'The Fine Print That Can Mean Thousands Of Dollars In Lifetime Income. Her Work Has Appeared In Kiplinger', 'Forbes', 'The Motley Fool', 'The Wall Street Journal.']
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Chapter 7 Chapter 13 Type of bankruptcy Liquidation Bankruptcy Wage Earner's Bankruptcy Who can file Those who can pass a means test. Your income needs to be below the state median or you need too little disposable income to pay back debt Wage earners who can afford to make monthly payments to creditors over three to five years Biggest benefit Quick discharge of eligible debt You don't have to give up your property to be liquidated Biggest drawback You may have non-exempt property sold to pay back creditors You have to complete a three to five year repayment plan How long it takes to receive a discharge Around four months after filing bankruptcy Around four years after filing bankruptcy, although it could be as long as five years What happens to property Non-exempt property is sold You…