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Chapter 13 bankruptcy is a process in which the court calculates a debtor's disposable income and uses the amount to create a payment plan toward debts. A Chapter 13 debt payment plan lasts three to five years. More »

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It takes approximately two to four months to complete the filing of Chapter 13 bankruptcy and begin a structured payment plan in accordance with the findings of the bankruptcy court, according to U.S. Courts. The amount ... More »

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Chapter 7 is described as basic bankruptcy in that it permits the liquidation of all debts, according to Cornell University Law School. Chapter 13 allows individuals to enter a payment plan to pay off their debts over ti... More »

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Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a process where the debtor's non-exempt assets are sold, and the proceeds are given to his creditors to help repay his debts. Any remaining debt is forgiven,... More »

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The main difference between Chapter 7 and Chapter 13 bankruptcy is that Chapter 7 allows a person to dismiss his unsecured debt, while chapter 13 provides a way to restructure debts into a manageable repayment plan. Cert... More »

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Filing for bankruptcy allows debtors to suspend loss of property while bankruptcy courts work out payment plans or discharge of debts, but foreclosure is the action of lenders to repossess property on which debtors owe p... More »

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Nolo defines Chapter 7 bankruptcy as when an individual asks the courts to erase a majority of the debts that he owes and Chapter 13 bankruptcy as when an individual applies for a repayment plan to pay back either all or... More »

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