My grandmother is 75 and wants to file either chapter 7 or 77.

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People frequently confuse Chapter 13 with 11. Perhaps, she is trying to choose between Chapter 7 and 13, which are personal bankruptcies. Chapter 13 is a monthly payment scheme where you can make payments toward your debts over a period of 3 to 5 years. This kind of bankruptcy is typically used by those individuals who want to save their house from foreclosure or their car from repossession. Chapter 7 is the most common form of bankruptcy filings in the US. It is also called ‘Liquidation’ as here the bankruptcy trustee sells all your non-exempt property to pay off your creditors. This is basically for those individuals who are in no position to pay their debts.

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