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Crushing Debt Podcast

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  • WhatEpisode 147:What's the Difference between Chapters 7 - 13 -...

    One of the questions I'm asked most often, "What is the difference between a Chapter 7, Chapter 13 and Chapter 11?" This week's episode answers that question.

    Chapter 7 is called liquidation. The Trustee will take any non-exempt assets, turn them into cash and pay off creditors. If all of your assets are exempt (protected) the creditors get $0.00.

    Chapter 13 is called reorganization. The Trustee will pay your creditors based on any disposable income you have (or based on the value of any non-exempt assets, whichever is greater).

    Chapter 11 is also a reorganization, but it is for businesses that want to reorganize, OR it is for individuals that don't qualify for Chapter 7 (because they have income or they have non-exempt assets), OR it is for individuals that don't qualify for Chapter 13 because they have too much debt (there is a limit to the amount of secured and unsecured debt you can have in a Chapter 13).

    The main point of today's episode is to consult with a bankruptcy attorney in your area if bankruptcy might be an option. If you want me to help connect you to a bankruptcy attorney in your area, please contact me at or

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Yesner Law

Yesner Law Countryside Colonial Center
2753 FL-580, Suite 202
Clearwater, FL 33761

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Shawn M. Yesner