Which bankruptcy may be a better option, Chapter 7 for you. Chapter 13 usually allows the debtor to retain valuable assets; your home, vehicles,  non-exempt assets. Chapter 13 will also stop foreclosures, in most cases.

Under Chapter 13, a debtor may set up a repayment plan to pay installments to their creditors over three to five years. If the debtor’s monthly income is currently less than the applicable state median, your plan may be for three years unless the court approves a longer period, for cause.

The court can then decide to approve your plan. During this time, the law forbids creditors from starting or continuing collection efforts. This includes lawsuits, wage garnishments, and no contact with the debtor for the life of the plan.

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