2019

A chapter 7 bankruptcy and a chapter 13 bankruptcy are very different. Chapter 7 bankruptcies last only a handful of months before it is discharged and you don't have to pay back your debts, but a chapter 13 bankruptcy lasts a few years and you are set up with a payment plan you can afford so you pay back your creditors. In a chapter 13 bankruptcy, the trustee manages your payments and pays your creditors back for you with payments you make each month.

Bankruptcy is an important type of legal protection for individuals that have gotten themselves into trouble with excessive debts. Chapter 13 bankruptcy protection is among the most popular types due to debtors being able to avoid liquidation of their assets. Yet, despite the friendlier terms for applicants, it is still necessary to be as prepared as possible for the process of filing for bankruptcy. Determine Whether Chapter 13 Is A Viable Option