The most popular chapters for bankruptcy filings are Chapter 7 and Chapter 13. Every other chapter of the bankruptcy code has exclusions as to who may file so most persons who file for bankruptcy only qualify for Chapter 7 and Chapter 13. A liquidation of all debts is allowed under Chapter 7 and Chapter 13 order create payment plans over 3-5 years for existing debts.
For more information about Chapter 7 and Chapter 13, click here.
