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What is the difference between Chapter 7 and Chapter 13 bankruptcy?

There are several differences between Chapter 7 and Chapter 13 bankruptcy and each has unique benefits. Under Chapter 7 bankruptcy, debtors have the opportunity to have their dischargeable debts dismissed, creditor harassment stopped, and the debt relief process accelerated. Chapter 13 bankruptcy allows debtors to pay what they can afford, save their home from foreclosure, and avoid paying a second mortgage. Overall, Chapter 13 bankruptcy gives people the chance to plan for their long term financial future. There are eligibility requirements for both types of bankruptcy, and it is best to speak with experienced attorneys to learn about what legal options are right for you.

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