Layton Bankruptcy Video #4

What’s the Difference between a Chapter 7 and Chapter 13?

The main difference between a Chapter 7 and a Chapter 13, is:
In the Chapter 7, from start to finish is only 90 days.
In a Chapter 13, you have to pay back some of the money that you owe based on what you can pay back, and that generally takes 3 to 5 years.
You don’t have to pay 100% of what you owe, you just have to make a minimum monthly payment to the trustee. And, at the end of the period of 3 or 5 years, whatever’s left over that you still owe is wiped off so that’s the main difference.
Thank you for watching this video. If you have any other questions feel free to check out our entire video series and if even those don’t answer your questions please contact our office.

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