Legal Question in Bankruptcy in Maryland

bankruptcy

what is the difference between chapter 7 & 13

Asked on 10/05/07, 1:39 pm

1 Answer from Attorneys

Bill Wood Law Office of William C. Wood, LLC
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Re: bankruptcy

The most basic difference is that a Chapter 7 is a liquidation of assets along with a discharge of most debts whereas a Chapter 13 involves retaining assets and paying back creditors over a period time via a court-approved plan.

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Answered on 10/05/07, 2:06 pm

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