What's the difference between chapter 11 7 13

Cvita Blackwell | Oct 27, 2017 | Category: Bankruptcy attorney in Chicago, Illinois

DebtStoppers - The Semrad Law Firm - Bankruptcy Law Firm - Western Office, Chicago, IL - All questions

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DebtStoppers - The Semrad Law Firm - Bankruptcy Law Firm - Western Office, Chicago, IL | Oct 27, 2018

Hi, Zaporah: Thanks for reaching out. A chapter 11 is a business bankruptcy, which we do not handle. A Chapter 7 is a simple simple liquidation in which your eligible debt is dismissed all at once. This works best for folks who don't have a major asset - like a house - to protect from creditors. A Chapter 13 is a repayment plan designed to protect you from the loss of a major asset - usually your family home. Over 24-36 months, you make a payment to the bankruptcy trustee that is designed to repay part - usually about 10% of your outstanding non-mortgage debt. This will reduce your total monthly payments enough that you'll be able to afford your mortgage payment and keep your home.

*SassyTwins* *SassyTwins* | Oct 27, 2017

7 you dnt have long to pay 6months too year and they wipe out everything 13 you have up too three years too pay out and you can include any parking tickets help you get your license back and 11 help out if you own any business and got in little trouble

Glinda Murphy | Oct 27, 2017

I know for sure that chapter 7 and 13 stay on ur credit for 10 years.

michelle owens | Oct 27, 2017

Zeporah coleman gave the best answer, thanks

Shimonica Wade | Oct 27, 2018

Which chapter I need to file for parking tickets that I didn’t know about... mom had a car in my name that I didn’t know about and I put my name on someone car that just didn’t car about the tickets I guess

Robert Lenoir | Oct 27, 2018

Do you all except debit card?

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