What is the difference between chapter 7 and chapter 13 bankruptcy cases?
-Chapter 7 is by far the most common form of bankruptcy case. It involves a chapter 7 trustee reviewing the debtor’s assets and liabilities. If there are any non-exempt assets that the trustee believes are worth liquidating for the benefit of creditors, he or she will do so. The process usually takes a few months. More information can be found on the Chapter 7 page of this website. -Chapter 13 is a personal reorganization chapter and involves using a portion of the debtor’s future income to pay creditors. This process generally takes years. More information can be found on the Chapter 13 page of this website.
