Filing For Chapter 13 vs. Chapter 7 Bankruptcy Protection

This article follows up on the Chapter 13 vs. Chapter 7 article that was posted a few days ago.

http://www.jacksonvilleprogress.com/local

It describes how debts are generally discharged in a Chapter 7 proceeding vs. how debts are often paid back slowly in a Chapter 13 proceeding.

And, after the 2005 BAPCPA, apparently more people are filing for Chapter 13 protection.

Though, from what I’ve read, a lot of bankruptcies are still Chapter 7’s because the majority of debtors filing for bankruptcy protection are still ‘no asset’ cases.

“When a person files a Chapter 7, their large unsecured debts, generally credit card debt, is discharged usually within 90 days of filing,” he said. “With a Chapter 13 case, which usually includes foreclosures of homes, a person pays a certain payment for 36 to 60 months to the creditors, but there is no discharge of debt.”

Check it out if you are thinking about filing for for bankruptcy:

http://www.jacksonvilleprogress.com/local/

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