Compare Chapter 7 & Chapter 13 Bankruptcy

Comparing Chapter 7 and Chapter 13

	Chapter 13	Chapter 7
Fees	Partial payment only before filing- generally more expensive than 7	Range from $1500 up depending on issues
Timing	Case can be filed quicker because fees can be paid through plan.	No case can be filed until all fees are paid.
Credit reporting	7 years from the date of filing.	10 years from the date of filing.
Risk	Trustee generally supportive of your bankruptcy choice.	More scrutiny. UST charged with finding "abusers".
Assets	You keep all your assets	You keep all exempt assets; trustee may liquidate non-exempt assets.
Control	You have absolute right to dismiss the case; usually can convert to Chapter 7	Dismissal unavailable; trustee directs case. Conversion possible
Discharge	Broader discharge in 13	More debts survive 7
Secured debts	Payable over life of plan	Bound to prepetition terms
Costs	Filing fee $274; financial management class provided at no cost by trustee	Filing fee $299; financial management class paid for by debtor
401(k) loans	Repayment permitted	Repayment excluded from allowable expenses for means test