Rich Families, Poor Families, And Chapter 13 Bankruptcy

When someone contemplates filing for bankruptcy, one of the first choices that an individual or a family must make is this: “Do we want to file for a Chapter 7 or Chapter 13 bankruptcy?” In a nutshell, the difference is this: If you file for a Chapter 7, you are going to lose almost all of your possessions and personal property, but the principal advantage is that you get almost all of your debts wiped clean (with the exception of things like student loans, costs related to a DWI, child support payments, and things like that) so that you can start your life mostly anew a few months after filing you file for Chapter 7 bankruptcy.

Chapter 13 bankruptcy, is a little different. If you’re behind on your mortgage payments, you get a chance to catch up, and you get a chance to keep most of your possessions (like your … Read the rest of this article!