Ok. So it seems like area of the difference in part seven and you will section 13 is actually 7. Your own you can liquidate almost any low-protected possessions to pay off creditors. And it’s really kinda eg one larger decrease swoop, and it’s complete, but 13 is much more off a repayment bundle. Just explain to you you to trustee.
Yeah. Therefore, in fact it is a sensible way to look at it. Chapter 7 try an effective liquidation. There is absolutely no money. It is simply possessions can be bought. Very chapter seven might be a great. For many who are obligated to pay lawyer charges, those individuals are un-secured debts which might be discharging. The part eight elderly fees could possibly get discharged for the a section 7. I am aware that gorgeous situation nowadays, however, they aren’t discharged automatically from inside the a part eight. If in case your debt child help otherwise alimony costs rears, the individuals commonly discharged inside the a chapter seven.
Whenever our company is looking at the expenses, it gets rid of such things as playing cards, unsecured, personal loans on the web, medical expenses are included
Thus typically, the one who records chapter seven has unsecured charge card obligations or scientific costs and incredibly couples property.