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Key Differences Between Chapter 5 Bankruptcy And Chapter 7 Bankruptcy

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Medical expenses, divorce, job loss – people fall into debt for a variety of reasons. If you are unable to meet your financial obligations, bankruptcy may be able to provide you with the debt relief you’ve been searching for. But which type is right for you? Below, Dunn Greg Bankruptcy and Debt Relief Attorney in Honolulu, HI discusses a few of the key differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy
Commonly known as a liquidation bankruptcy, Chapter 7 allows consumers to discharge certain debts, including credit card and medical bills, while receiving an automatic stay; prohibiting creditors from harassing you about outstanding payments. Once you have filed for Chapter 7, a trustee will be tasked

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