For our purposes, the first point to understand is that these chapters primarily apply to individuals seeking protection from foreclosure and all other creditor actions.

The main distinction between a petition filed under Chapter 7 of the Bankruptcy Code and under Chapter 13 is that a Chapter 7 case is a complete liquidation and discharge of all unsecured debts (for persons and companies), while a Chapter 13 puts forth a payment plan of the unpaid debts (for individuals only).Read more >>