In a Chapter 7 bankruptcy you can, in most cases, wipe out most of your unsecured debts and get the "Fresh Start" you deserve. (Certain unsecured debts cannot be discharged).
In a Chapter 13 bankruptcy you propose a 3 or 5 year repayment plan to your creditors to pay off all or part of your debts from your future income. You can us Chapter 13 to prevent a home foreclosure; make up missed payments on a vehicle or property; pay income tax obligations and stop penalties from accruing on your tax debt and keep non-exempt assets.
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