How kinds of bankruptcy differ

The table below compares various aspects of Chapter 7 and Chapter 13.

Chapter 13 Chapter 7
Fees Lower initial cost- generally more expensive than 7 over the life of the plan Range from $1500 up depending on issues
Timing Case can be filed quicker because fees can be paid through plan. Case can't be filed until all fees are paid.
Credit reporting 7 years from the date of filing in major credit reporting agencies 10 years from the date of filing.
Risk Trustee generally supportive of your bankruptcy choice. More scrutiny. UST charged with finding "abusers".
Assets You keep all your assets You keep all exempt assets; trustee may liquidate non-exempt assets.
Control You have absolute right to dismiss the case; usually can convert to Chapter 7 Dismissal unavailable; trustee directs case. Conversion to 13 possible
Discharge Broader discharge in 13 More debts survive 7
Secured debts Payable over life of plan-strip down may be possible Bound to prepetition terms
Costs Filing fee $274 Filing fee $299
401(k) loans Repayment permitted Repayment excluded from allowable expenses for means test