Chapter 13 Bankruptcy:
-- A repayment plan that allows those with any regular source of income to pay back debt over a period of 3 to 5 years.

This results in a drastically lower payment on secured debts, thus relieving the "cash crunch" for most people.

Federal income taxes may be paid back with no interest.

Chapter 13 protects necessary property such as your house or your car.

Chapter 7 Bankruptcy:
-- A liquidation or "straight" bankruptcy.

This form allows honest debtors who simply cannot repay the loan to cancel the debt.

You may be eligible to file for Bankruptcy and still protect your property.

Filing for protection can stop a garnishment, attachment of a checking or savings account, slow pay, harassment, and telephone collection calls at home or work.

Filing can take the pressure off and allow you to get back on your feet without the constant hassle from creditors and collection agencies.

Let Mark Podis explain to you the difference between Chapter 13 & Chapter 7.