Credit and Bankruptcy Law

Chapter 13

What are some advantages of filing Chapter 13 versus filing for Chapter 7?

There are many advantages to each form of bankruptcy. The Chapter 13 advantages are: the retention of most assets, it can be filed more frequently, and it is more likely that you will keep your home. Some Chapter 7 advantages are that the cases are quicker (months as opposed to years), the discharge of nearly all debts and it is a much better option for those with few assets. Often it is best to consult with an attorney well versed in bankruptcy law to determine the best option for consumers.


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