Difference between chapter 7 and chapter 13

Chapter 7 and chapter 13 are two types, that claims bankruptcy may file, but there the similarities end. Taking a few months for a discharge of the debt to get while the other can take a few years. A consumer may voluntarily but with a chapter to a debtor may be forced into bankruptcy, filing process. 7Chapter Chapter 7 is the most common form of filing for bankruptcy. It is for individuals, couples, partnerships and companies. If a debtor, if a person or a company asks files of a petition Chapter 7 debtor essentially the bankruptcy court his property to a part of its debt pay to sell. If creditor debtor paid a partnership or a corporation were a discharge.BusinessesWhen satisfactory to the trustee and the Court of Justice which can debtor be granted, files Chapter 7 bankruptcy, does this with the intention of the company going. Chapter 7 gives a break from the creditor which will be collecting race, the courthouse, debt a partnership or company. In this way, the partnership or company of its debt in an orderly fashion can pay. No rejection would be necessary because once all assets of the company was sold only a shell company dissolved.Involuntary PetitionIf of creditors make a debtor is - for example, picking and choosing the creditor to pay to not like what - links to an involuntary petition for Chapter 7 file creditors. Creditors have to show that the debtor pays no bills as you become due, or a guard leads the Affairs of the debtor since 120 days. The debtor has 20 days to pay for an involuntary petition. If the debtor will deny the petition for 20 days granted the GERweight of an order for relief so that bankruptcy deposit to continue. When challenged, the parties go trial.Chapter 13Only individuals chapter 13 bankruptcy may submit. Chapter 13 is known as the employee stock purchase plan. In contrast to Chapter 7 debtor of Chles 13 debtor Apter have opportunities to repay of the creditors for a break. Would this break come in the form of an automatic stay that stops the collection and the ability to liabilities which guaranteed reschedule. Guaranteed debt rescheduling, payments which probably reduced the debtor is that three to five years and the debtor repay the chapter 13 debts.RepaymentIn will seek the debtor proposes a plan for a refund to the Court. The plan proposes where the defendant repay its debt over a period of three to five years the way. Once the Court approved a plan can his property of the debtor, keep as long as he payments to the plan. Nobody can be forced into bankruptcy chapter 13. Forcing a debtor elements for years to pay if it could easily disable processes go or leave his possession car again, would, for example, a form of indentured servitude.