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Chapter 7 bankruptcy involves liquidating assets to pay off debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over time. Chapter 8 bankruptcy does not exist in the U.S. bankruptcy code.

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6mo ago

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Related Questions

What are the Chapter 13 laws about generally speaking?

Chapter 13 laws are the laws that govern bankruptcies. These are different than Chapter 7 bankruptcies because these have a repayment plan by which you repay your creditors.


Can you have two chapter 13 bankruptcies?

Yes, separated by years.


When does chapter 13 come off credit?

Bankruptcies (both Chapter 7 and Chapter 13) remain on your credit report for 10 years.


Money from creditors when you file chapter 13?

go to www.beatlandscreditrepair.com they have a lot of information about bankruptcies.


What is the bankruptcy differences?

The difference between the types of bankruptcies have mainly to do with whether the filing is for an individual or a business. There are two types of bankruptcy for individuals. Those are Chapter 7-by far the most commonly filed form of bankruptcy and Chapter 13-which is more of a debt consolidation type of bankruptcy. Both have various positives and negatives. The article below goes into the specifics of Chapter 7 vs Chapter 13.


Can you file chapter 7 before chapter 13 is discharged?

No, you can't have two separate bankruptcies at once. If you are under a chapter 13, and are no longer able to make your plan payments, then you can convert your case from a 13 to a 7.


Can you include court ordered criminal restitution in chapter 7 bankruptcies?

No. Penalties are not able to be discharged - although you must list them.


How long do the credit bureaus see your chapter eleven bankruptcy you filed in December of 2000?

A chapter 11? A farm? Bankruptcies are not "seen" by credit reporting bureaus, they just report them. They can see them any time by logging on to a bankruptcy court web site with their log-in info. They can only report bankruptcies up to 10 years after the filing date.


What difference between ch 7 and ch 13 bankruptcies?

Chapter 7 is a complete discharge of all dischargeable debts. Chapter 13 is a repayment plan of the debts under the bankruptcy court's supervision and protection.


In Oklahoma can you file chapter l3 four years after the discharge of a chapter 7?

No. Not in Oklahoma or any of the United States or territories. Filing of successive bankruptcies, whatever the form, can take place only after eight years.


In chapter 7 bankruptcies is closed without discharge the same ad being dismissed?

No. Dismissed is essentially incomplete - no resolution...discharged is completed and closed.


What is the process on how to declare bankruptcy?

First consult a lawyer for which bankruptcy chapter you qualify for and let him/her assist you with the bankruptcy procedures as bankruptcy procedures are not the same in every case. Chapter 7 and Chapter 13 bankruptcies are the most common. For more information, visit these websites: http://howtodeclarebankruptcy.net/ and filepersonalbankruptcy.org/how-to-declare-bankruptcy/.