How does Chapter 13 bankruptcy differ from Chapter 7 bankruptcy? (1 point) Responses Individuals keep their assets after Chapter 13 bankruptcy reorganization occurs. Individuals keep their assets after Chapter 13 bankruptcy reorganization occurs. Individuals lose their assets after Chapter 13 bankruptcy reorganization occurs. Individuals lose their assets after Chapter 13 bankruptcy reorganization occurs. Individuals’ credit reports are not impacted when Chapter 13 bankruptcy is filed. Individuals’ credit reports are not impacted when Chapter 13 bankruptcy is filed. Individuals’ credit reports are impacted less when Chapter 7 bankruptcy is filed.
Individuals keep their assets after Chapter 13 bankruptcy reorganization occurs, while individuals typically lose their assets after Chapter 7 bankruptcy. Additionally, Chapter 13 bankruptcy allows individuals to create a repayment plan to pay off their debts over time, while Chapter 7 bankruptcy involves the liquidation of assets to pay off debts. Credit reports are impacted less when Chapter 13 bankruptcy is filed compared to Chapter 7 bankruptcy.
