{"id":2356,"date":"2019-09-01T14:31:50","date_gmt":"2019-09-01T14:31:50","guid":{"rendered":"https:\/\/recoverylawgroup.com\/?p=2356"},"modified":"2025-08-21T11:36:57","modified_gmt":"2025-08-21T11:36:57","slug":"what-is-the-difference-between-chapter-7-and-chapter-13-bankruptcy","status":"publish","type":"post","link":"https:\/\/recoverylawgroup.com\/staging_D\/what-is-the-difference-between-chapter-7-and-chapter-13-bankruptcy\/","title":{"rendered":"What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?"},"content":{"rendered":"

The two most common chapters under which bankruptcy is filed are Chapter 7 and Chapter 13. Chapter 7 is known as liquidation bankruptcy where non exempted assets are liquidated or sold off to pay your creditors. This chapter of bankruptcy typically results in discharge within 3 months of filing without making any further payments. While in Chapter 13 bankruptcy case, a court approved repayment plan is devised to clear your debts with the creditors. According to Dallas based bankruptcy law firm Recovery Law Group<\/a>, partial payment based on your disposable income is made to creditors over a period of 3-5 years. Any remaining debts after the duration are discharged.<\/p>\n

Filing for bankruptcy reflects on your credit report. A Chapter 7 bankruptcy Dallas<\/a> remains on your credit report for 10 years while a Chapter 13 one appears for 7 years from the filing date. This is so because, in the former case, no repayment of debt takes place while in the latter, a certain portion of the debt is paid. If you wish to know more about the details of the workings of either chapter, contact 888-297-6023 and consult with experienced bankruptcy attorneys.<\/p>\n\n

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