SMARTFINANCESOLUTIONS.NET - What is the difference between chapter 13 and 7 bankruptcies?

Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - What is the difference between chapter 13 and 7 bankruptcies? - Chapter 13 you have to come up with a repayment plan and has to be approved buy the court. You will have to pay a percentage of what you owe. Chapter 13 takes up to 5 years to pay off and stays on your credit report for 7 years.

Chapter 7 not like chapter 13 you don't have to go to court. In 7 you have to go to your 341 meeting or meet the trustee of the court. Also in chapter 7 case like the other user said its a no asset case. Most of all debt can be discharged in 7 where in 13 only 3/4 of the debt is discharged.

Chapter 11 is for Business bankruptcy. chapter 11 is for debt over 600.000 Sean look it up. Some of the company's that filed chapter 11 Chrysler,GM,Dunkin Donuts and Pilgrim pride. -