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Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

What is a better option - Chapter 7 or Chapter 13? How to choose

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What should be the better option to file a bankruptcy? How to choose the suitable option. Ca you please suggest?

Though Chapter 13 bankruptcy is a better option since it stays on your credit report for 7 years, yet there are a few things you need to remember:

1. Chapter 13 bankruptcy helps you to pay off debts through a reorganized plan. You need to stick to that plan for 3-5 years.
2. You can't create an emergency fund during this 5 year period.
3. You have to allocate extra funds toward your monthly payments if there is a windfall.

The biggest benefit of Chapter 13 bankruptcy is that you won't lose your non-exempt asset.

Sub: #1 posted on Mon, 03/25/2019 - 02:39

David Martin David Martin

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Well, if you are not able to repay your debts, and can't afford even the settlement amount, then you should consider bankruptcy. Because this should be the last resort. However, it is a complicated solution. So, you should consult a bankruptcy attorney for the right remedy.

Sub: #2 posted on Thu, 03/28/2019 - 05:59

Sanders Patricia Sanders Patricia

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