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ProPublica logo, Bankruptcy: What’s the Difference Between Chapter 7 and Chapter 13?

ProPublica logo, Bankruptcy: What’s the Difference Between Chapter 7 and Chapter 13?

Key differences when considering the chapters make selecting the most appropriate one crucial for success. Utilizing our analysis, we explain the way they work and exactly how people fare under each.

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

Series: Too Broke for Bankruptcy

Exactly Just Just How Bankruptcy Fails People Who Want It Many

The 2 bankruptcy that is main accessible to individuals inundated by unsecured debt are Chapter 7 or Chapter 13. Your options differ significantly in the way they work and also the relief they give you. Listed here are the essential characteristics of every chapter, along with data drawn from ProPublica’s analysis of bankruptcy filings from 2008-2015 to demonstrate what kinds of debtors are going for each chapter and exactly how effective these are typically at having their debts wiped away or released. This guide is component of y our show on bankruptcy, which takes a detailed, critical glance at the system and its own shortcomings.

Have actually You really Cons pIf you’ve really seriously considered filing for bankruptcy, ProPublica would like to hear away from you — even although you finally decided against it.