Re: Thank you all for your replies: BK7 vs BK 13

Posted by Taziblue (65.10.210.88) on July 31, 2004 at 08:56:09:

In Reply to: Re: Thank you all for your replies: BK7 vs BK 13 posted by Jkelly on July 30, 2004 at 23:53:33:

Short Version:

Chapter 7: You give up all non exempt assets and in return all your debt (except taxes, student loans, and child support) is discharged- gone forever.

After chapter 7, you are debt free.

Chapter 13- you keep your assets and pay back creditors over 5 years.

For most people, chapter 7 is the preferred option.

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