In most bankruptcy cases, Chapter 7 makes a better fit than chapter 13. For example, Chapter 7 bankruptcy is faster, the most filer can keep most or all of their properties, and they don’t even have to repay their creditors through a 3-to-5 year repayment plan like Chapter 13 . However, not everybody can qualify to file for the Chapter 7 bankruptcy, and in certain cases, it does not even provide assistance for the filers. Learn when Chapter 7 bankruptcy may be more beneficial than Chapter 13 bankruptcy. Benefits of Chapter 7 bankruptcy Chapter 7 bankruptcy is the most effective and efficient way of getting out of debt fast, and most potential filers prefer filing this chapter if they easily qualify. Here’s how it works – It is comparatively faster: A typical Chapter 7 case consumes 3-6 months to complete. There’s no lengthy repayment plan – Unlike Chapter 13, filers do not have to repay into a 3-5-year repayment plan. Most, but not all your financial liabilities get wiped ...
