ProPublica logo design, Bankruptcy: What’s the essential difference between Chapter 7 and Chapter 13?

ProPublica logo design, Bankruptcy: What’s the essential difference between Chapter 7 and Chapter 13?

Key differences when considering the chapters make deciding on the best one crucial for success. Utilizing our analysis, we explain the way they work and just how individuals fare under each.

Sept. 27, 2017, 8 a.m. EDT

Series: Too Broke for Bankruptcy

Exactly Just Just How Bankruptcy Fails People Who Require It Many

The 2 primary bankruptcy choices offered to individuals inundated by unsecured debt are Chapter 7 or Chapter 13. Your options vary significantly in the way they work additionally the relief they offer. Listed here are the fundamental characteristics of every chapter, also data drawn from ProPublica’s analysis of bankruptcy filings from 2008-2015 to exhibit what forms of debtors opting for each chapter and exactly how effective they have been at having their debts wiped away or released. This guide is a component of our show on bankruptcy, which takes an in depth, critical glance at the system and its own shortcomings.

Have actually You really Cons from you— even if you ultimately decided against it pIf you’ve really thought about filing for bankruptcy, ProPublica wants to hear.

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