A Chapter 13 bankruptcy -- sometimes called the "wage-earner plan" -- stops your creditors from pestering you and still lets you keep your property.
April 14, 2005 (Press Release) --
What are the differences between Chapter 7 and 13 bankruptcy?
A Chapter 13 bankruptcy -- sometimes called the "wage-earner plan" -- stops your creditors from pestering you and still lets you keep your property. You agree to a court-approved plan in which you pay at least part of your debts over three to five years. A Chapter 13 filing is usually wiped off your record after seven years.
Under a Chapter 7 bankruptcy -- often called a "straight bankruptcy" -- most of your debts other than taxes are canceled, but you may lose some of your property. The bankruptcy typically stays on your record for 7-to-10 years.
A Chapter 13 bankruptcy -- sometimes called the "wage-earner plan" -- stops your creditors from pestering you and still lets you keep your property. You agree to a court-approved plan in which you pay at least part of your debts over three to five years. A Chapter 13 filing is usually wiped off your record after seven years.
Under a Chapter 7 bankruptcy -- often called a "straight bankruptcy" -- most of your debts other than taxes are canceled, but you may lose some of your property. The bankruptcy typically stays on your record for 7-to-10 years.
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