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Hi David,
Thanks for the post. I'm not sure about everyone else but I had to do a little research on the difference between chapter 7 and chapter 13 bankruptcy. Correct me if I'm wrong but the main difference is that chapter 7 is an actual liquidation of assets whereas chapter 13 is an adjustment of debt for individuals with regular income.
Some of the main differentiating points between the two chapters would be that in the case of chapter 7: An individual has little property apart from the basic necessities like furniture and clothing, where in the case of chapter 13 there is significant equity in the form of home or other properties and it is desired to keep those properties in tact.
As I understand it chapter 7 would be commonly used for those that have very little disposable income left over after all expenses have been paid or the basic needs are not even being met. Where chapter 13 is used for those that have regular income and are able to to pay for living expenses but cannot maintain the scheduled payments.
When filing for chapter 7 all of the assets can be discharged (completely eliminated) but with chapter 13 one can keep most of the property while spreading out time to pay past due accounts
Thanks for the post,
Bojan
Online Reseracher
Heeltastic
Last edited by bjnplc; 12-05-2011 at 03:52 AM. Reason: Added more information
