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

Question
What's the difference between chapter 7 versus chapter 13 bankruptcy?
Notes
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.
Comments
Be the first to submit a comment!
Please login or register to add a comment here.
Rate this Question
Tell everybody how helpful this question
was by clicking on the stars below.
         
Current Score
(1 votes)
Posted By
Submitted
2009-07-19
Questions for Finance > Investing > Selecting a Financial Planner > What's the difference between chapter 7...?
Bookmark and Share © 2009 WhatDoIAsk.com | About WhatDoIAsk | Register | Policies | Links | Contact Us