In Chapter 7 bankruptcy, the debtors have to sell their assets and use the proceeds as a payment to the creditors. While in Chapter 13 bankruptcy, debtors can get rid of their debts through a repayment plan of which they have to make monthly payments for three to five years.
Read more:
http://www.conwaylegalrichmondva.com/chapter-11-bankruptcy/
Conway Law Group - Richmond, VA
6802 Paragon Pl, #410 Richmond, VA 23230
(804) 256-2918
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