{"id":67099,"date":"2026-02-24T17:29:19","date_gmt":"2026-02-24T17:29:19","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/whats-the-difference-between-chapter-7-and-chapter-13-bankruptcy\/"},"modified":"2026-02-24T17:29:19","modified_gmt":"2026-02-24T17:29:19","slug":"whats-the-difference-between-chapter-7-and-chapter-13-bankruptcy","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/whats-the-difference-between-chapter-7-and-chapter-13-bankruptcy\/","title":{"rendered":"What&#8217;s the difference between Chapter 7 and Chapter 13 bankruptcy?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/02\/24\/ebd4967d-9574-4cae-8fa5-86ac62a8581c\/thumbnail\/620x414\/f0537a895ca8cac6975768c0772ebcc7\/gettyimages-2220353889.jpg#\" alt=\"A broken pink piggy bank and a judge's gavel. \" height=\"414\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/02\/24\/ebd4967d-9574-4cae-8fa5-86ac62a8581c\/thumbnail\/620x414\/f0537a895ca8cac6975768c0772ebcc7\/gettyimages-2220353889.jpg 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2026\/02\/24\/ebd4967d-9574-4cae-8fa5-86ac62a8581c\/thumbnail\/1240x828\/6e4aebe61b15355daa2765e993e004f4\/gettyimages-2220353889.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Bankruptcy can be a smart move in some situations, but there are big differences between the types you can file for.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Mohd Izzuan\/Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Americans have a serious debt issue on their hands right now. Not only are borrowers carrying more debt than ever, but <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/household-debt-hit-new-high-what-to-do-about-yours-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card balances<\/a><\/span> recently surpassed $1.23 trillion nationwide, and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-delinquencies-are-rising-ways-to-pay-off-what-you-owe\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">serious delinquency rates<\/a><\/span> have been climbing steadily, too. As the late payments stack up and the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-are-credit-card-interest-charges-compounded\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">fees and interest charges compound<\/a><\/span>, though, the financial pressure is becoming overwhelming for millions of borrowers. In turn, the question of whether bankruptcy might offer a way out has moved from an abstract idea to a very real consideration.<\/p>\n<p>But bankruptcy isn&#8217;t just limited to one single option. It&#8217;s an umbrella term that covers different legal paths with very different outcomes. Case in point? The two most common bankruptcy options for individuals \u2014 <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/chapter-7-vs-chapter-13-bankruptcy-which-is-better-for-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 7 and Chapter 13<\/a><\/span> \u2014 work uniquely from one another and come with very different requirements, too. Depending on the path you take, you could either end up <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/which-type-of-bankruptcy-clears-all-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">walking away from most unsecured debt<\/a><\/span> in a matter of months or committing to a different plan that lasts for several years.<\/p>\n<p>In other words, the question before filing isn&#8217;t just whether bankruptcy is right for you, but also which type fits your situation. So, what should you know about the differences between Chapter 7 and Chapter 13 bankruptcy? That&#8217;s what we&#8217;ll examine below.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-the-difference-between-chapter-7-and-chapter-13-bankruptcy\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Explore the bankruptcy alternatives you qualify for online now<\/a>.<\/p>\n<h2><strong>What&#8217;s the difference between Chapter 7 and Chapter 13 bankruptcy?<\/strong><\/h2>\n<p>At the highest level, the difference between Chapter 7 and Chapter 13 comes down to liquidation vs. repayment. <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-debt-do-you-need-to-file-for-chapter-7-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 7 bankruptcy<\/a><\/span> is often called &#8220;liquidation bankruptcy,&#8221; and it&#8217;s the faster of the two options. In a typical Chapter 7 bankruptcy case, most or all of your qualifying unsecured debt, like credit card balances, medical bills and personal loans, can be discharged in full. The process usually takes three to six months from filing to discharge, making it the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-long-to-get-out-of-credit-card-debt-with-without-help\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">quicker route to debt relief<\/a><\/span>.<\/p>\n<p>However, Chapter 7 also involves <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-happens-if-you-fail-the-chapter-7-bankruptcy-means-test\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a means test<\/a><\/span>, and if your income exceeds the median income in your state, you may not qualify. A court-appointed trustee will also review your assets and, in some cases, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-assets-do-you-lose-in-chapter-7\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">may liquidate non-exempt property<\/a><\/span> to pay your creditors. That said, most filers have few non-exempt assets and will typically walk away with many of their unsecured debts wiped clean.<\/p>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/does-a-chapter-13-bankruptcy-take-all-of-your-income\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 13 bankruptcy<\/a><\/span> works differently. Instead of discharging debt outright, it restructures it. You propose <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-typical-chapter-13-bankruptcy-payment-plan\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a three- to five-year repayment plan<\/a><\/span> to the court, agreeing to pay back some or all of what you owe based on your income and the type of debt involved. At the end of the repayment period, the remaining eligible unsecured debts are discharged.<\/p>\n<p>Chapter 13 is often the better fit for people who have assets they want to protect, like a home they&#8217;re trying to save from foreclosure, or those who <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/is-it-hard-to-get-approved-for-chapter-7-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">don&#8217;t qualify for Chapter 7<\/a><\/span> due to income. It also allows you to catch up on mortgage arrears and certain other secured debts over time, which Chapter 7 does not.<\/p>\n<p>Both types of bankruptcy trigger an automatic stay the moment you file, though, which immediately halts most collection actions, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-do-you-stop-wage-garnishment-by-a-debt-collector\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">wage garnishments<\/a><\/span> and foreclosure proceedings. That alone can provide immediate relief when things feel most urgent.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-the-difference-between-chapter-7-and-chapter-13-bankruptcy\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out how debt relief could help your financial situation today<\/a>.<\/p>\n<h2><strong>Which bankruptcy option makes sense for your situation?<\/strong><\/h2>\n<p>Choosing between Chapter 7 and Chapter 13 generally comes down to the problem that you&#8217;re actually trying to solve. If your debt is mostly unsecured (credit cards, personal loans or medical bills), <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/can-you-file-for-chapter-7-with-no-income\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">your income is limited<\/a><\/span> and you don&#8217;t have assets to protect, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-many-times-can-you-file-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">filing for Chapter 7<\/a><\/span> may offer the fastest relief. It&#8217;s often the right fit for people who need a true financial reset and don&#8217;t have the cash flow to sustain a long repayment plan.<\/p>\n<p>If your financial stress is tied to falling behind on secured debts, like your mortgage or car payment, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-things-to-know-before-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 13 can make more sense<\/a><\/span>, as it gives you time to catch up while keeping your property protected. This option is also common for people who don&#8217;t qualify for Chapter 7 due to income limits but still need structured relief.<\/p>\n<p>Your income stability matters, too. <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/downsides-of-filing-for-chapter-13-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 13<\/a><\/span> assumes you can reliably make payments for years on end. If your income is unpredictable or already stretched thin, that commitment could create more stress instead of less. Chapter 7 doesn&#8217;t require ongoing payments, though, which can feel like a relief if your budget is already maxed out.<\/p>\n<p>It&#8217;s also worth thinking about what bankruptcy won&#8217;t solve. Student loans, most tax debts and certain court judgments may not be dischargeable. In some cases, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-debt-relief-options-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt relief programs<\/a><\/span>, settlement options or negotiated payment plans can reduce balances without the long-term <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-will-filing-for-bankruptcy-impact-my-credit-score\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit impact of bankruptcy<\/a><\/span>. For people who are on the edge, meaning that they&#8217;re struggling but not completely overwhelmed, exploring those options first can make sense before committing to a legal filing.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Chapter 7 and Chapter 13 bankruptcy both exist to give people a way out of debt that&#8217;s become unmanageable, but they do it in fundamentally different ways. One is about clearing the slate quickly, the other about rebuilding through a structured plan. Neither is inherently better, though, and the right choice typically depends on your income, the type of debt you&#8217;re carrying and what you&#8217;re trying to protect.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/matt-richardson\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Matt  Richardson<\/a>\n                      <\/p>\n<\/section>\n<section class=\"content__body--footer\">\n      <!-- tags --><br \/>\n    <\/section>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/whats-the-difference-between-chapter-7-and-chapter-13-bankruptcy\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankruptcy can be a smart move in some situations, but there are big differences between the types you can file<\/p>\n","protected":false},"author":1,"featured_media":67100,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-67099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What&#039;s the difference between Chapter 7 and Chapter 13 bankruptcy? - World News<\/title>\n<meta name=\"description\" content=\"Drowning in debt? 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