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Know the Difference Between Chapter 7 and Chapter 13 Bankruptcy

Call: 888-297-6203 Individual debtors can file for bankruptcy under Chapter 13 or Chapter 7. In the case of chapter 13, you are required to repay some part of your loan over a period of 3 to 5 years through a court-approved plan. Since some portion of the debt is paid, lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that the credit report shows this bankruptcy for only seven years. On the other hand, under Chapter 7, you don’t repay any debt and thus, the bankruptcy remains on the public record and your credit report [...]