Personal Bankruptcy
Those who file for personal bankruptcy usually choose either Chapter 7 or Chapter 13. Chapter 11 is also available for personal bankruptcy filings but it requires a minimum debt level be met. Therefore, Chapter 11 is usually only used by businesses.
Chapter 7 provides for a complete liquidation of your assets while Chapters 11 and 13 provide for the creation of a 3 to 5 year payment plan for your debts.
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How-To's
- How To File for Bankruptcy Under Chapter 7
Various federal bankruptcy laws allows persons in extreme amounts of debt to get a "fresh financial start" by either reducing the amount of debt required to be repaid or extending the time period in which it must be paid. Chapter 7 is the chapter of the bankruptcy governing liquidation of assets and discharge of debts. Below is a summary of the basic process for … more
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