Whats The Difference Between Chapter 7 and Chapter 13

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Chapter 7 provides the greatest possible relief from dischargeable unsecured claims (credit cards, mortgage deficiencies, medical bills, etc.). The debtor keeps exempt property and the case is closed after about four or five months so it's a very desirable remedy. • Sometimes Chapter 13 is an alternative that can't be avoided. In Chapter 13 the debtor files a plan with the court to make a series of payments, either 36 months or 60 months, to pay the unsecured debt. Why file Chapter 13: • • A debtor makes too much money and can't qualify for Chapter 7 • • A debtor is behind on their home mortgage so they need to use Chapter 13 to catch up the arrears over a 60 month period. • • A debtor has too much equity in their assets and would lose them in a Chapter 7 case so they file a Chapter 13 case and in effect, buy back the assets' equity in from their creditors. • • Thoughts from a Maryland Bankruptcy Lawyer • Ronald J. Drescher • Drescher Associates, P.A • 4 Reservoir Circle • Suite 107 • Baltimore, MD 21208 • (410) 484-9000 • Fax (410) 484-8120 • [email protected] • http://www.Drescherlaw.com • FaceTime [email protected] • Skype ron.drescher • Practicing in Maryland, Delaware, Virginia, Pennsylvania

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