Things to know about Chapter 7:

  • You must have a limited income to qualify.
  • There are no payments to be made to your credit card companies, medical debts or similar debts.
  • If you want to keep your car or home, you have to make those regular payments and you should be current on the obligations.
  • There are limits on how many things you can own when filing this type of bankruptcy.

 

Things to know about Chapter 13:

  • You can file this bankruptcy, even if you are behind on the mortgage payments or in foreclosure.
  • The bankruptcy case lasts 3-5 years.
  • You can get rid of some of your credit card debt, medical debt or similar debt.
  • You will have to make monthly payments to the Chapter 13 trustee.
  • You will have to make your monthly mortgage payment if you want to keep your home.

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