how does chapter 13 bankruptcy differ from chapter 7 bankruptcy? (1 point) individuals keep their assets…

how does chapter 13 bankruptcy differ from chapter 7 bankruptcy? (1 point) individuals keep 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 impacted less when chapter 7 bankruptcy is filed.

how does chapter 13 bankruptcy differ from chapter 7 bankruptcy? (1 point) individuals keep 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 impacted less when chapter 7 bankruptcy is filed.

Answer

Answer:

Individuals keep their assets after Chapter 13 bankruptcy reorganization occurs.

Brief Explanations:

In Chapter 13 bankruptcy, individuals can keep assets and create a repayment plan. In Chapter 7, non - exempt assets are liquidated to pay off debts. Credit reports are impacted by both filings, but Chapter 13 allows asset retention during reorganization.