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Chapter 7 bankruptcy is also referred to as liquidation bankruptcy because all nonexempt assets will be liquidated and the profits will be distributed among lenders to help repay debts. Since there are exemptions to the kinds of property that can be liquidated, you be able to keep your house, car and other assets. In order to be eligible to file for Chapter 7 bankruptcy, you need to work closely with an attorney and complete a bankruptcy means test.
Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy allows debtors to retain their assets and still become debt-free.
In Chapter 13, debtors can reconsolidate their debts and pay off loans over an extended period of time that has been approved by a bankruptcy court. The payment plan typically lasts 3 to 5 years.