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Saphera

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What are the differences between Chapter 7/13 bankruptcy
Considering filing for bankruptcy- -any suggestions??
Where do I begin?

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A BK Chapter 7 is where the debtor petitions the court for total debt relief while a Chapter 13 petitions the court to reorganize your debts into a repayment plan. The court will decide what the payment amount is and as long as you make your payments on time, all is good.

Another big difference between the two types of BK's, believe it or not, is that people can actually be considered for a home loan while in  a Chapter 13 provided you have made 12 months of on time payments and request the permission from the court/trustee. Whereas in a Chapter 7, there is a waiting period after the discharge for most loan programs.

Top Contributor
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Your best source of advice on which would be best for you if you even qualify for bankruptcy would be an attorney that specializes in bankruptcy and offers a free initial consultation.  Look in the phone book for your area, find one and discuss your situation with them in person.  

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