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’ credit reports are impacted less when Chapter 7 bankruptcy is filed.
One key difference between Chapter 13 and Chapter 7 bankruptcy is that in Chapter 13, individuals are able to keep their assets after the reorganization process, while in Chapter 7, individuals may lose their assets to pay off debts. Additionally, filing for Chapter 13 bankruptcy may have less of an impact on individuals' credit reports compared to filing for Chapter 7 bankruptcy.
