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Comparison of Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

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Chapter 7 Bankruptcy and Chapter 13 Bankruptcy are very different. The greatest difference is that the Chapter 13 debtor remains in possession of the property of the estate and makes payments to creditors, through the Chapter 13 trustee based on the debtor’s anticipated income over the life of the plan. Additionally a Chapter 13 Bankruptcy debtor does not receive an immediate discharge of debts. The Chapter 13 debtor must complete the payments required under the plan before bankruptcy discharge is received. In both Chapter 7 bankruptcy and Chapter 13 bankruptcy the debtor is protected from lawsuits, garnishments, and other creditor actions. The Chapter 7 debtor is protected from the bankruptcy filing under the 362 stay and after discharge by the discharge stay. The Chapter 13 Bankruptcy debtor is protected from the filing and all of the time while the plan is in effect and after.