Mark and Bob both work for the same employer.They make the same exact amount of money.Mark has been very frugal over the years and has bought an average home and car.Bob has a huge home and an expensive car.After the company downsizes they both lose their jobs unexpectedly and both men file for bankruptcy.Mark is told he must file Chapter 13 bankruptcy while Bob is eligible to file for Chapter 7 bankruptcy.

1. How is this possible?Discuss in detail the process and the factors for Chapter 7 & 13 bankruptcy and what is taken into consideration for each.