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LegalCornerTM - Chapter 7 - Liquidation Bankruptcy F.A.Q.'s

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Q..What's the difference between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy?

A.In a Chapter 7 bankruptcy, you, the bankruptcy petitioner, are requesting the court to relieve you of ALL your debts, so you have a clean slate (except for some non-dischargeable debts). In a Chapter 13 Bankruptcy, the bankruptcy petitioner provides the court with a proposed 5-year payment plan to pay off a portion of your debts.

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