subject: Chapter 7 versus Chapter 13 Bankruptcy [print this page] The advantages of Chapter 13 bankruptcy is that, the consumer can keep his property, and time can be stretched past to pay for the overdue accounts. Further to this, if you have worked on a solution with your bankruptcy trustee, you may have enough time, around 3-5years to check on your delinquent accounts. Furthermore you will have the opportunity to make a single and combined payment which is to be distributed to the creditors.Overall filing a bankruptcy could have a have an adverse long lasting effect on the future of your credit report.The scars of bankruptcy would remain in your credit history for a span of seven to ten years. However this option surely gives a new beginning and lets you off from your in-debt' life.
