Bankruptcy FAQs
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 clears most unsecured debts quickly by liquidating non-exempt assets, while Chapter 13 sets up a repayment plan to manage debts over three to five years without losing property.
How long does the bankruptcy process usually take?
Chapter 7 cases typically conclude within four to six months, whereas Chapter 13 plans last three to five years, depending on your repayment schedule.
Will bankruptcy erase all my debts?
Not all debts are dischargeable; while credit card and medical debts often are, obligations like student loans, child support, and certain taxes usually remain.
Can I keep my home and car during bankruptcy?
In Chapter 7, exemptions may protect your home and car, but non-exempt assets could be sold. Chapter 13 allows you to keep property by including payments in your repayment plan.
1
Bankruptcy Filing Steps
Understand the key stages of filing for bankruptcy, including the differences between Chapter 7 and Chapter 13 processes.
2
Chapter 7: Liquidation Process
Chapter 7 involves selling non-exempt assets to pay creditors. It’s typically faster, lasting about 3 to 6 months, and can clear most unsecured debts.
3
Chapter 13: Repayment Plan
Chapter 13 lets you keep your property while repaying debts over 3 to 5 years through a court-approved plan tailored to your income.
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March 2023
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