To find: The type of bankruptcy that requires debtors to set a repayment plan and the type of bankruptcy that removes the debt fully. Also, the long-term effect of each type of bankruptcy on the future of an individual or entity.
Explanation of Solution
The two types of bankruptcy known as Chapter 7 and Chapter 13 are straight bankruptcy and wage earner’s plan. Chapter 7 bankruptcy is that bankruptcy where most of the unsecured debts and secured debts are removed by surrendering the assets. Chapter 13 bankruptcy is a regular plan where individuals having regular income prepare a plan to repay their all debts.
Chapter 13 bankruptcy known as the wage earners plan requires the debtors to set a repayment plan where they repay their debts accordingly. Chapter 7 bankruptcy known as straight bankruptcy is that plan where debts are removed completely.
Chapter 13 bankruptcy shows the record of an individual or entity for years, their debt payments, repossession, and all kind of legal records regarding credit history. The long-term effect of this bankruptcy is that it is shown in the credit report for up to 10 years and hence it can be difficult for the person or entity to borrow any amount. Chapter 7 bankruptcy is shown in the credit report for ten years. A person under this plan is not able to file bankruptcy till 8 years and the person is also likely to lose the property.
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Economics Today and Tomorrow, Student Edition
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