Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
lionesspjs

0 Contributions
0 People Helped
Chapter 13 vs chapter 7
My Husband and I chose a chapter 13 over chapter 7 bankruptcy. We felt this was an honorable way to repay our debtors, We have watched several of our debtors being brought to a zero balance on our quarterly statements. We have only one left to pay off by Sept. 2014. Was filing chapter 13 a better move than filing chapter 7

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7371 Contributions
3810 People Helped
Most Helpful Response

Helpful to 2 out of 3 people

Chapter 13 is also known as the "Wage Earner's Repayment Plan" and allows for bills to be paid off in a structured way.  Creditors never like bankruptcy but a 13 is far better than a 7 (which has some assets sold and the proceeds distributed to creditors who usually get a pittance at best). 

A 13 showed your intent to pay your debts though you did not have the means to pay as agreed.  Now your goal should be to build a good credit score and to make sure you don't get into the same situation again.  That's where the articles and Financial tools on Credit Karma can help.  Please take the time to read and utilize the tools so you can learn and benefit further. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.