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Title : What is the Difference Between Chapter 7 and Chapter 13 and What is the Timeline For Each?
link : What is the Difference Between Chapter 7 and Chapter 13 and What is the Timeline For Each?

What is the Difference Between Chapter 7 and Chapter 13 and What is the Timeline For Each?

The difference between these two chapters of the Bankruptcy Code and their time lines are as follows:

Chapter 7: Also called a "straight bankruptcy", chapter 7 involves the liquidation of non-exempt assets for the benefit of creditors. Most chapter 7 cases are considered "no asset" cases meaning there will be no liquidation or distribution of assets to unsecured creditors. Absent liquidated assets, creditors do not receive any payment on their claims. Chapter 7 generally involves a 3-4 month process. 

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