California bankruptcy laws allow you to select between two separate sets of exemptions filed under section 7 or 13.
In chapter 7 immunity protect your possession while in chapter 13 it helps you decide how much you need to pay to unsecured creditors.
Benefit of chapter 7 bankruptcy law:-
- After the release of the bankruptcy it helps you start fresh
- Wages earned by a person and property owned are considered his after the filling of the case
- Within 3-6 months the case is fully set free
Plus and gains of chapter 13 bankruptcy law:-
- If you can afford to repay the full payment then all your property are free from repaying
- You can file chapter 13 anytime you feel like
- You can even divide your creditors as per their class and pay them diverse percentages.
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