This transcription was AI generated
Transcription:
00:00:04 so chapter 7 and chapter 13 are the two primary bankruptcy types that most people file Chapter 7 is what’s called a liquidation type of bankruptcy it’s usually over and done with from in a matter of you know four months or so from when it’s filed until it’s over and you have to qualify based on your income probably two-thirds of bankruptcies that are filed or chapter sevens a Chapter 13 is a repayment plan that lasts from 3 5 years typically and it can be used to protect a home from foreclosure it can
00:00:34 be used to protect a vehicle from being repossessed also if you make too much money you may not be able to file a chapter 7even and so you can use chapter 13 as an option for reorganizing your debts and then paying them off over time