ProPublica logo design, Bankruptcy: What’s the essential difference between Chapter 7 and Chapter 13?

ProPublica logo design, Bankruptcy: What’s the essential difference between Chapter 7 and Chapter 13?

Key differences when considering the chapters make deciding on the best one crucial for success. Utilizing our analysis, we explain the way they work and exactly how individuals fare under each.

Sept. 27, 2017, 8 a.m. EDT

Series: Too Broke for Bankruptcy

Exactly How Bankruptcy Fails People Who Want It Many

The 2 primary bankruptcy choices accessible to people inundated by unsecured debt are Chapter 7 or Chapter 13. The choices vary significantly in the way they work therefore the relief they supply. Listed here are the fundamental characteristics of each and every chapter, along with data drawn from ProPublica’s analysis of bankruptcy filings from 2008-2015 to demonstrate what forms of debtors opting for each chapter and how effective they truly are at having their debts wiped away or released. This guide is component of our show on bankruptcy, which takes an in depth, critical glance at the system and its particular shortcomings.

Have actually You Seriously Cons pIf you’ve actually thought about filing for bankruptcy, ProPublica desires to hear away from you — even although you fundamentally decided against it.

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