I have not applied for a BK and thanks to this board, I hopefully will never have to. I do have one quick question if someone could answer in short. What is the difference between a chapter 7 BK and a chapter 13, they are just numbers to me and would just like a better general understanding? thanks
A Chapter 7 is used when you wipe out all unsecured debt. A chapter 13 is when a partial or, a full repayment is made to unsecured creditors over a 36-60 month period. You use a 13 when you are trying to protect assets that are above the exemption level for your state.
