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Have $20k debt. Which one is better - Chapter 7 or Chapter 13?




Why do you want to file bankruptcy? It should be the last option. You can pay the $20k debt on your own if our income flow is decent. Or you can take professional debt relief help to get rid of it.

well, if you want to file bankruptcy only, then I think chapter 7 will be great because it wipes out most of the debt while chapter 13 needs debtors to repay a certain portion of the debt.

Sub: #1 posted on Thu, 07/20/2017 - 06:21

sanderspatricia29 sanderspatricia29

(Posts: 728 | Credits: 75.94)

It depends on you..do you want to keep all of your property? Do you want to go for a repayment plan and catch up on missed payments? If yes, then chapter 13 is right for you. But you need to have regular income to pay back all or a portion of your debts through a repayment plan. And it's better for your credit score.

Sub: #2 posted on Thu, 07/20/2017 - 07:24

tiarajoseph11 tiarajoseph11

(Posts: 330 | Credits: 45.57)

If you want to file bankruptcy, at first you need to meet the eligibility criteria.

Sub: #3 posted on Fri, 07/21/2017 - 07:43

Mabelle Page Mabelle Page

(Posts: 163 | Credits: 16.08)

Chapter 13 is better if you qualify. It will remain on your credit report for 7 years whereas a Chapter 10 will remain for 10 years.

Sub: #4 posted on Tue, 07/25/2017 - 05:55

Good Nelly Good Nelly
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