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The differences between Chapter 7 and Chapter 13 bankruptcy begin with the Means Test. In order to file under Chapter 7, your family income cannot exceed the Florida median income for families of a similar size. 

If your income is too high, you can file for bankruptcy under Chapter 13 where your debt is restructured in order to allow you to pay off a percentage of what you owe over a 3 or 5 year period.

Home Foreclosure - Chapter 7 Bankruptcy

While filing for Chapter 7 will temporarily halt foreclosure actions, banks can still file for stay of relief, enabling them to foreclose on your home if it is clear that you will not be able to bring your past-due mortgage current and continue your other payments.

Home Foreclosure - Chapter 13 Bankruptcy

Under Chapter 13, past-due mortgage payments can be rolled into your repayment plan. However, Chapter 13 repayment plans do not allow you to reduce your monthly mortgage payment. Past-due mortgage payments can be included in your repayment plan so long as you are able to continue making your monthly mortgage payment.

Personal Property - Chapter 7 vs. Chapter 13

In Chapter 7 bankruptcy, the court can seize and liquidate some of your personal property in order to pay your creditors a portion - or all - of what you owe them. In Chapter 13 bankruptcy, since you are required to pay a portion of your debt through a repayment plan, you may be able to avoid having your property seized or liquidated.

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