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Some business owners opt for Chapter 7, and some homeowners end up filing a Chapter 13 bankruptcy. Below, we'll break down the differences a bit more: Eligibility requirements.
The biggest differences between Chapter 7 and Chapter 13 bankruptcy are what happens to your property and who qualifies financially. Chapter 7 requires you to sell property that isn’t exempt to pay off your debts.
The main differences between Chapter 7 and Chapter 13 bankruptcy are how debts are handled and who is eligible. Chapter 7 tends to be faster and cheaper.
What Is Chapter 7 Bankruptcy? The main difference when it comes to Chapter 7 vs. Chapter 11 bankruptcy is that Chapter 7 is a liquidation plan. That means there’s no repayment plan associated with a Chapter 7 bankruptcy. When you file Chapter 7, you typically agree to liquidate your assets to pay off as much of your debt as you can.
Here's how Chapter 7 and Chapter 13 bankruptcy differ. Choosing to file for bankruptcy is a big decision, but it’s the first of many that filers will encounter as they go through the process.
Which should I use—Chapter 7 or Chapter 13 bankruptcy? Most people who file for bankruptcy choose Chapter 7 if they meet the eligibility requirements. Chapter 7 is a popular choice because, unlike Chapter 13, it doesn't require filers to pay back debts.
Chapter 7 and Chapter 13 bankruptcy are the two most common types of personal bankruptcy filings. Chapter 7 bankruptcy can wipe out unsecured debts like credit card debt and medical bills in just 3-4 months.