Expert: Terry Leeders - 1/15/2008

Question
i really need to know as soon as possible what chapter 7 and chapter 13 really is in layman's terms...... because i really don't have an idea and i might need to help decide if my family should go ahed and go through with their plans to file for bk. i would really appreciate your help in this matter.... thank you very much.......

Answer
the short answer is that Chapter 7 discharges unsecured debts and Chapter 13 is where you pay some debts back.  Your monthly budget, your assets, and your last 6 months income will help a local attorney determine which chapter is best for you, so seek out a local attorney for a free consultation.