Legal Question in Bankruptcy in Maryland
bankruptcy
what is the difference between chapter 7 & 13
Asked on 10/05/07, 1:39 pm
1 Answer from Attorneys
Bill Wood
Law Office of William C. Wood, LLC
Re: bankruptcy
The most basic difference is that a Chapter 7 is a liquidation of assets along with a discharge of most debts whereas a Chapter 13 involves retaining assets and paying back creditors over a period time via a court-approved plan.
Answered on 10/05/07, 2:06 pm
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