Types of Bankruptcy

Types of Bankruptcy

Federal law has created the types of bankruptcy that individuals and businesses may file for. Chapter 7 is the type of bankruptcy that liquidates all of the debtor's debts and assets and creates a fresh start. Chapters 11 and 13 are the types of bankruptcy that creates an extended payment plan for the debtor to pay off. There are other types of bankruptcy specifically for farmers and municipal governments.

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FAQs

What chapter should I file under?
Your particular circumstances will determine the best chapter for you to file under. Choosing the appropriate chapter is very … more
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 … more
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 … more

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