Frequently Asked Questions: Bankruptcy
What is the Difference Between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 bankruptcy is also known as “liquidation bankruptcy” because it allows all debt to be legally wiped from one’s record after completion. In Chapter 13 bankruptcy the filer’s debt is still owed but restructured into a payment plan that the individual can afford.
Filing for either type of bankruptcy is serious business and requires the assistance of a lawyer experienced and practiced in bankruptcy law like J Thomas Salata.