There are many advantages to filing for Chapter 13 bankruptcy, such as the fact that it may do less harm to your credit score and the way you get to keep more of your assets, paying them off over time instead of liquidating them. Chapter 13 gives you a repayment plan that you can use to make your debt affordable again, rather than just eliminating it right away and using your assets to pay down as much as possible.
However, there is one downside that you need to be aware of, and it's that Chapter 13 bankruptcy does take time. You're not going to get a fresh start right away. You have to be dedicated to this process.
For the sake of comparison, Chapter 7 bankruptcy can take about half of a year and sometimes less. You could be in the clear in four months.
Chapter 13, though, doesn't fully come to completion until you've paid the debt off with the repayment plan. This is going to take at least three years and it could take longer, depending on your income levels, debt levels and the way the plan is structured.
Which plan you choose, then, largely depends on what you're looking to get out of it. If you want all debt to be gone by this time next year -- or sooner -- then Chapter 7 is the better option. If you have the time and the income to pay it off over the next three to five years, Chapter 13 could make more sense. Be sure you carefully consider all of your legal options in Georgia and pick the one that is right for you.
Source: This Matter, "Chapter 13 Bankruptcy Overview," accessed June 03, 2016