Chapter 7 and Chapter 13 are two common types of personal bankruptcy, but they work in very different ways. Chapter 7 is generally a faster process that can erase many unsecured debts, such as credit-card balances and medical bills, for people with limited income and few assets they could lose. Chapter 13 is a court approved repayment plan that lets a person keep more property while paying back some or all debts over time. The right option depends on household income, assets, debt type, and the person’s financial goals.
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