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Is Chapter 7 Better than Chapter 13?

I’m considering filing for bankruptcy. Is Chapter 13 better than Chapter 7?

A Chapter 13 is only better than a Chapter 7 if you are behind on a secured debt such as a mortgage or a car note and need a plan to pay them back. If this is not your situation, a Chapter 7 is better if you can qualify.

The reason a Chapter 7 is better than a Chapter 13 is because you may not have to repay any of your creditors. Your unsecured debts are simply discharged. Who wants to make payments if they don’t have to, right?

Now I said if you qualify because if you have a higher income or too much equity in a property then you may be forced to file a Chapter 13. I would have to know your specific circumstances to let you know whether you qualify for a Ch. 7.

*This blog post comes from a question that was posed to Brewington Legal on the facebook page: