Hello and thank you for allowing me the opportunity to assist you.
Bankruptcy is obviously a last resort solution, and I certainly understand your depression, but the good news is that the effects don't last forever, and it can give you a fresh financial start. Your credit can be blemished for a maximum of 10 years per the Fair Credit Reporting Act. However, you should note that the major extent of the actual damage comes in the first few years. The bankruptcy will gradually be less and less important as the years go by, and by the 7th
year it won't likely have much impact on your credit report.
The primary difference between a Chapter 13 and a Chapter 11 is that in the Ch11, the creditors get to decide whether to approve the plan. In a Chapter 13, the creditors do not get that vote (though they can still petition
the court not to approve the plan). Generally speaking, Ch13s are filed by individuals, and Ch11s are filed by businesses (though that general rule is not written in stone). Most individuals certainly prefer Ch13s.
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