Chapter 7 & 13 Bankruptcy



Chapter 13 bankruptcies are quiet different from Chapter 7s because
they do not eliminate debt. Instead, they restructure it. Firstly, a
payment scheme is set up, which generally takes three years but can
last as long as five and any remaining debt after the plan terminates
is eliminated. Chapter 13 is looked upon more kindly than a Chapter 7
due to the availability of the partial payment system.

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