subject: Chapter 7 Vs. Chapter 13 [print this page] Chapter 7 VsChapter 7 Vs. Chapter 13
Understanding the difference between a Chapter 7 and a Chapter 13 bankruptcy filing is very important. If you are unsure or unfamiliar with the two main chapters then you can solicit the help of a Waukegan bankruptcy attorney. A Waukegan bankruptcy attorney will be happy to explain the major differences of each chapter to you. Then you will see why each chapter has a different appeal to different people depending on the specifics of their particular situations. Your Waukegan bankruptcy attorney can put things in easy to understand language which can certainly help you make the best possible decision about what chapter is the most appropriate for you to file. Generally speaking, a chapter 7 filing allows a person to walk away from the debt that he or she has accumulated over time. This is commonly viewed as the "easiest" chapter of bankruptcy. A chapter 13, on the other hand, requires the filer to assume more responsibility for their debt and must make arrangements to repay the debt over the course of several years. The payment terms are usually more flexible under a chapter 13 and it offers more protection for property and assets, something that chapter 7 does not offer. So one chapter is not necessarily better than the other, it will really depend on your Individual situation. If you have an overwhelming amount of debt, no assets and way to catch up on your bills on your own then a chapter 7 may be your best option. On the other hand, if your property and assets outweigh your debt then you may want to file for a chapter 13. On a larger scale, when you see the trends of bankruptcy of a certain areas gravitating or leaning nearly completely toward a chapter 7 or chapter 13, you can tell a lot about the composition of that community.
