Chapter 13 is the less advantageous method, but can still lead to many benefits. In Chapter 13, you are able to keep your assets, unlike Chapter 7 bankruptcy. But the downside is that your future income is going to be sent to your creditors. What portion and how much debt is relieved is determined during the court proceedings. Making your choice for a lawyer is important.

It sounds good, but the downside is this will affect your credit record for 10 years. That means that for 10 years you will have to pay higher interest rates and be turned down for many forms of credit.