I am often asked about the difference between a Chapter 7 and Chapter 13 bankruptcy.  In general terms, a Chapter 7, if you qualify, is synonymous with a fresh start since you discharge your debt 100% and start fresh.  A Chapter 13 is a repayment plan, wherein you pay what you can afford to pay your creditors over a three to five year period.  A Chapter 13 is often called for when you don’t qualify for a Chapter 7 because you make a little too much money, or where you need to catch up on a secured debt such as a mortgage but your bank won’t work with you.  Both of these can be very advantageous in the right circumstances.  If you are interested in knowing more, please call Attorney Mark O. Grater in Groton, CT at 860-449-8059, representing those who need financial assistance in New London County.