{"id":3356,"date":"2022-08-01T08:25:44","date_gmt":"2022-08-01T08:25:44","guid":{"rendered":"https:\/\/www.microsoft.com\/en-us\/microsoft-365-life-hacks\/?p=3356"},"modified":"2024-08-27T05:32:11","modified_gmt":"2024-08-27T05:32:11","slug":"chapter-7-vs-chapter-13-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.microsoft.com\/en-us\/microsoft-365-life-hacks\/budgeting\/chapter-7-vs-chapter-13-bankruptcy","title":{"rendered":"Chapter 7 vs. Chapter 13 Bankruptcy: When to File One or the Other"},"content":{"rendered":"
\n

Filing for bankruptcy can be a complicated and painful experience, but it also offers the opportunity to start over financially. Compare Chapter 7 and Chapter 13 bankruptcy and find out which one is right for you. <\/p>\n

Between credit cards, personal loans, and other lines of credit, debt can build up fast. Without a payoff plan in place, it is easy for debt to become overwhelming. Bankruptcy is often a last resort for people looking for debt relief, either in the form of eliminating or reducing debt, after exhausting all other avenues. It is a very serious method for handling debt, and it can stay on your credit report for up to 10 years. Creditors often consider people who have filed bankruptcy to be high risk, which can lead to denial of opening new lines of credit, such as a car loan or a mortgage, or it can mean ridiculously high interest rates on the loans. However, it does mean a second chance to rebuild your personal finances<\/a> with the help of the government.<\/p>\n

Depending on your circumstances, you\u2019ll need to choose between Chapter 7 and Chapter 13 bankruptcy. These refer to the corresponding sections of the U.S. Bankruptcy Code that explain how debt is handled for each process. Speak with a bankruptcy attorney to determine your specific needs, but the following information can help you differentiate between the two main types of filing.<\/p>\n<\/div>\n

\"\"\/<\/picture><\/div>\n","protected":false},"excerpt":{"rendered":"

Learn the differences between chapter 7 and chapter 13 bankruptcy with help from Microsoft 365. Find out when to file one or the other depending on your circumstances.<\/p>\n","protected":false},"author":1,"featured_media":3359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[28],"class_list":["post-3356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting","tag-budgeting"],"acf":[],"yoast_head":"\nChapter 7 vs. Chapter 13 Bankruptcy \u2013 Microsoft 365<\/title>\n<meta name=\"description\" content=\"Learn the differences between chapter 7 and chapter 13 bankruptcy with help from Microsoft 365. 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