Chapter 13 Bankruptcies GuideInformation, Alternatives and ResourcesChapter 13 bankruptcies differ from chapter 7 bankruptcies in one basic way. With chapter 7 bankruptcies most of your debts are typically discharged while under chapter 13 some of your debts are reduced and you are required to go on a mandatory repayment plan to pay off the balance of your debts.
Although we are not lawyers and cannot recommend Chapter 13 bankruptcies over chapter 7 bankruptcies, we can however strongly recommend one thing. That is that you consider some of your alternatives to bankruptcy before you proceed. Typically, people who are considering chapter 13 bankruptcies already have poor credit, and cannot even begin to pay back their debts. These type of people are good candidates for a debt settlement service who can typically save you 50% up to 75% of your debts and get you completely out of debt in 2 to 3 years. And the best part is that you avoid bankruptcy. Chapter 13 bankruptcies (and chapter 7) will stay on your credit report for 10 years. Debt settlement services can help you avoid bankruptcy altogether. For some people bankruptcy is a viable alternative. In this instance you should consult with an attorney. Don't know where to find one? We recommend this free resource for obtaining free consultations from several lawyers before you proceed.
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