Chapter 7 bankruptcy is much different than chapter 13 bankruptcies are. For instance, with chapter 7 bankruptcy, you will essentially be freed of your qualifying debts, as your creditors will no longer be able to collect upon them. However, with chapter 13 bankruptcy, you are basically making a payment arrangement to help you catch up with your bills. When you talk about how to file bankruptcy, it is important to know certain things about how chapter 7 bankruptcies work. For example, did you know that you can only file for chapter 7 bankruptcy every 8 years? Also, the bankruptcy itself stays on your record for 10 years, which is important to know.
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