What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

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Chapter 13 bankruptcy allows individuals with a regular income to come up with a repayment plan to pay off their debts over a period of 3 to 5 years. This is a good option for those who want to keep their assets and have a steady income to make payments. Chapter 7 bankruptcy, on the other hand, liquidates your assets to pay off your debts and does not require any repayment plan. It is a good option for those with few assets and a low income.

What Is the Difference Between a Chapter 7 and a Chapter