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Chapter 7 vs. Chapter 13

Understanding the difference between Chapter 7 and Chapter 13 bankruptcy can make all the difference in the success of your bankruptcy filing.

The primary difference between the two types of bankruptcy is the condition under which you will be asked to repay your debts. Under Chapter 7 bankruptcy, you will be asked to liquidate, or sell, the majority of your assets. The sale of these assets will be used to pay off your remaining secured debts. Once you have completed the terms of your bankruptcy, however, your unsecured debts will be eliminated forever.

If you have certain assets that you do not want to sell, Chapter 13 bankruptcy may be the better choice. Rather than sell your home or car, for example, you will present a plan of repayment to the bankruptcy court for approval. This plan will give you three to five years to pay off your debts while protecting you from creditor harassment as you repay what you owe.

Deciding which type of bankruptcy is right for you may be a difficult decision. Thankfully, it is a choice you do not have to make on your own when you enlist the services of a Chicago bankruptcy lawyer from our law office. To get the legal help you need throughout your bankruptcy, contact Bizar & Doyle, LLC now.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100