What is a Chapter 7 bankruptcy?
Chapter 7 is the liquidation chapter of the Bankruptcy Code. Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, …
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What Is A Chapter 11 Bankruptcy?
Chapter 11 is the reorganization chapter available to businesses and individuals that have substantial assets and/or income to restructure and repay their debts. Creditors vote on whether to accept …
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What Is A Chapter 13 Bankruptcy?
Chapter 13 is the debt repayment chapter for individuals with regular income whose debts do not exceed $1,000,000 ($250,000 in unsecured debts and $750,000 in secured debts), including individuals …
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Filing for Chapter 11 Bankruptcy Protection (Business Bankruptcy)
The United States Bankruptcy Code is long and complicated. It provides different requirements for businesses and individuals who are seeking bankruptcy protection. The Code is divided into chapters and people often refer to the chapter number pursuant to which they qualify to file for bankruptcy. Who Can File for Chapter 11? Chapter 11 Bankruptcy is usually used by businesses that …
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Will Filing for Bankruptcy Get Rid of All My Debts?
Many people think that if they simply file Chapter 7 bankruptcy, then they will get rid of all of their debts. Unfortunately, this is not the case. There are some types of debts that cannot be discharged in bankruptcy by law. This means that even if you complete bankruptcy proceedings, you still have to pay back these debts. These debts include child support, alimony, …
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