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Chapter 7 vs Chapter 13: A Comparison

The Two Main Types of Bankruptcy: A Side-by-Side Comparison

At the law firm of Alva Wesley-Thomas & Associates, our experienced bankruptcy attorneys are committed to sharing accurate information about the bankruptcy process.

Many of our clients want to know about the differences between Chapter 7 and Chapter 13 bankruptcy. Our Houston attorneys have prepared a brief overview of the major differences:

Chapter 7

Chapter 13

Wipes out debts you cannot afford to pay

Wipes out some debts and helps you repay others in an affordable payment plan

Lets you keep your house and car if you are current or can get current on your payments

Lets you keep your house and car even if you are not current on your payments

Gives you a discharge - a document wiping out your debts - in about three months

Gives you a discharge after you complete a three- to five-year repayment plan

Quicker in getting to the outcome

Quicker to put a stop to emergencies like foreclosure, garnishments and lawsuits

Wipes out lawsuit judgments and finance company liens on household goods

Depending on the details of your plan, may wipe out or reduce judgments and liens

Lets you keep all of your assets covered by Texas' homestead exemption law

Lets you keep all of your assets

The bottom line is that Chapter 7 is clearly better for some people, Chapter 13 is clearly better for others, and others could benefit from either and should weigh the costs and benefits. And if you are in serious trouble with debt, chances are that one of these options is right for you.

Houston, Sugar Land, Katy, Pearland, Clear Lake · Chapter 7 and 13 Attorneys

Do not believe the myths spread by creditors or misleading information from friends and relatives who do not understand how bankruptcy works. Talk to an experienced bankruptcy lawyer and learn whether Chapter 7 or Chapter 13 is the best way to deal with your specific situation.

To schedule a free consultation, contact us today at 713-278-0800 or by e-mail. We have a convenient office location in Houston, Texas, and evening and weekend appointments are available.

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Alva Wesley-Thomas & Associates, P.C.
6161 Savoy Drive
Houston, TX 77036

Phone: 713-278-0800
Phone: 713-364-0235
Fax: 713-278-0490
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