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What’s the distinction between Chapter 7 and Chapter 13 bankruptcy?

What’s the distinction between Chapter 7 and Chapter 13 bankruptcy?

Brief response: In purchase to register under Chapter 7, your revenue needs to be significantly less than the income that is median their state of Minnesota or Wisconsin. In the event that you qualify, your credit card debt – credit cards, medical bills, and specific types of loans – may be destroyed.

In a Chapter 13 bankruptcy, your financial troubles is restructured based on a payment plan decided to by the creditors. Continue reading