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You are here: Home / Bankruptcy / What are the Differences between Chapter 7 and Chapter 13 Bankruptcy?

What are the Differences between Chapter 7 and Chapter 13 Bankruptcy?

If you’ve read up on bankruptcy, you’ve probably seen the terms “Chapter 7” and “Chapter 13” bankruptcies.  But, are you aware of the differences between the two?  It can be confusing to understand the differences.

Take a look at this guide to get a better idea of how your finances and life will be changed by these two types of bankruptcy.

What if I had a prior bankruptcy?

Chapter 7: You are able to re-file for this chapter of bankruptcy after 8 years.

Chapter 13: You are able to file for Chapter 13 bankruptcy if you previously filed for Chapter 7 bankruptcy and 4 years have passed.

 What will happen to my mortgage or auto loan?

Chapter 7: With Chapter 7, you may have to return your home or car if you cannot afford to make the monthly payments or if your home or car has too much equity (beyond the equity protected in a Chapter 7 bankruptcy.)

Chapter 13: You may be able to keep your home or car if you follow your court ordered payment plan.

Will I have to continue to pay my student loans?

Chapter 7: This is an unavoidable debt.  You will not be able to have student loans discharged.

Chapter 13: After your payment plan ends, if you have not paid of debts such as student loans, you will still owe the balance.

What if I have debt from past crimes that I have committed?

Chapter 7: A creditor can object to these debts being discharged.  This can be done simply by demonstrating that you have a prior conviction.

Chapter 13: You will have to pay these debts throughout your entire payment plan.  If you are unable to pay off all debt during the payment plan, the remaining balance may be discharged after the bankruptcy is finalized.

When considering both forms of bankruptcy, remember the following things:

Chapter 7

  • Most debts can be forgiven.
  • In exchange for forgiven debts, the bankruptcy trustee is able to take certain property (that above the protections allowed) which can be used to sell and pay creditors.
  • Some debts are exempt from collection.

Chapter 13

  • You are required to follow a payment plan that the court determines.
  • This payment plan will allow you to pay off debts within a certain time frame.
  • What you owe will be based on your income, debts, and property that you own.
  • You lose no personal property because you pay debts through your payment plan.

For bankruptcy questions, call Geygan & Geygan

If you are considering filing for bankruptcy, it is important to discuss your situation with a qualified bankruptcy attorney.  With the help of a professional, you can better understand your options and the laws related to bankruptcy.

If you are looking for an experienced law firm to guide you throughout the bankruptcy process, contact Geygan & Geygan. We can help guide you throughout the entire legal process.  Call (513) 793-6555, or email thomasjr@geygan.com. Our office is located in the Kenwood area of Cincinnati.

Please fill out this contact sheet and one of our attorneys will contact you shortly.


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National Association of Consumer Bankruptcy Attorneys Geygan & Geygan, Ltd. is a Debt Relief Agency because we help people live without debt through various means including bankruptcy
We represent people in the following Ohio counties for bankruptcy: Adams, Brown, Butler, Champaign, Clark, Clermont, Clinton, Darke, Greene, Hamilton, Highland, Lawrence, Miami, Montgomery, Preble, Scioto, Shelby,Warren

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May 15, 2017

 

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