Diesel Place : Chevrolet and GMC Diesel Truck Forums - View Single Post - Bankruptcy...Chapter 7 or 13?
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Old 03-06-2010, 02:17 PM   #2 (permalink)
Glow Plug
Join Date: May 2005
Location: PA
Posts: 266

Chapter 13 is a restructuring of debt, they would still have most of their debt but the court would indicate monthly payments that would have to be paid and the creditor and debtor would have to accept these terms.

Chapter 7 is a liquidation of ones assets. The court orders the selling of assets through a 3rd party, creditors take what they can get, debts are settled to those creditors.

Here's some links, that should help clarify:



Sold-2005 Chevy 2500HD D/A Ext Cab Short Bed 4x4 Silver Birch Metalic, Westin Polished Stainless Step Tubes, Curt class 5 hitch, Line-x liner.