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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.
Chapter 7 and Chapter 13 Bankruptcy Lawyers LawInfo Lead Counsel qualified personal bankruptcy … more
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Bankruptcy is the section of federal law that allows persons in extreme amounts of debt to get a … more
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Chapter 11 Bankruptcy
