Russ Rasmussen, Bankruptcy Attorney

Some individuals see their credit scores improving in as little as a year since their debts were discharged under 7. Furthermore, you can qualify for a home loan within 2 years. Yes, both Chapters hurt your credit, but the consequences for Chapter 13 don't evaporate as quickly.Most people are worried about their assets when filing for bankruptcy. In a Chapter 13, you will retain possession of your assets. In Chapter 7, that isn't a guarantee, which worries many individuals.