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Bankruptcy

How Debt is Managed in Personal Bankruptcy

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Personal bankruptcy can be handled in two different ways, under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. Chapter 7 is used primarily for low income debtors who own few assets and little cash. Chapter 13 is a restructuring of debt, used by people who have some financial security but need help with repayment of their debts, such as through refinancing or debt consolidation. Here are some of the main differences between these two types of bankruptcy.

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