What's the difference between chapter 7 versus chapter 13 bankruptcy?

Chapter 7 bankruptcy allows a person to wipe out debt and obtain a fresh start in just a few months.Chapter 7 bankruptcy will wipe out unsecured debts such as credit cards, medical bills and payday loans. Chapter 13 bankruptcy is a repayment plan that lasts from 3 to 5 years. Chapter 13 is a form of debt consolidation where you pay back secured debts, usually in full, and pay cents on the dollar on your unsecured debts.

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Shane

2009-07-19

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