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Can someone explain the difference between a chapter 7 and chapter 13 bankruptcy?

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Thanks! :o)

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  1. one you agree to pay and the other you don't


  2. Chapter 11& 13 are basically plans to to repay; Chapter 7 is a complete bankruptcy with either a liquidation or discharge of debt.


  3. A chapter 7 involves ceasing operations and liquidating the enterprise. In Ch 13, you submit a plan for reorganization that includes a payment plan for the creditors funded out of continuing operations.  

  4. Bankruptcy final and Pre-bankruptcy.
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