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         This blog will be updated as the mood strikes me with trends, relevant news developments, misnomers, and useful tidbits as it pertains to debt relief and bankruptcy...

What are the differences between Chapter 7 and Chapter 13 bankruptcy?


This question is anything but simple, and should be discussed thoroughly when I personally speak with you at our initial consultation; however, the common Chapter 13 reorganization filer is either:


a)facing foreclosure,


b)making more than the “median income” as determined by the IRS for the state of Ohio,


c)wanting to strip off a second/third mortgage on real estate, or


d)needing to pay back non-dischargeable tax debts.


Contrast this with the common Chapter 7 filer who makes under the IRS median income and seeks a quick legal procedure to gain a fresh start with their credit history.


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