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Bankruptcy FAQ

The Difference Between Chapter 7 and Chapter 13 Bankruptcy

The Cummings Law FirmIn Chapter 7 bankruptcy, you file a petition listing your creditors and all of your unsecured debt will be discharged - that is, wiped away. In return, a bankruptcy trustee will have to sell off any "nonexempt" assets that you own and put the proceeds toward paying off your debt. Most people do not have non-exempt assets. You can, in most cases, retain your car and your house by continuing to maintain payments and reaffirm your debt.

In Chapter 13 bankruptcy, you are usually proposing to retain all your belongings. Instead, all of your debts will be combined into one affordable monthly payment that you will have to make for the next three to five years. At the end of that time period, any remaining debt you have may be discharged completely.

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