There are two main types of bankruptcy that apply to most people:
Chapter 7 is known as “straight” bankruptcy or “liquidation.” It occasionally requires a debtor to give up property when its value exceeds certain limits called “exemptions”, so the property can be sold to pay creditors.
Chapter 13 is called “individual debt adjustment.” It requires a debtor to file a plan to pay parts of debts from current income for up to five years.
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These are the other types of bankruptcy which come up less frequently:
Chapter 11, known as “reorganization”, is used by corporations and a few individual debtors whose debts generally exceed $1 million.
Chapter 12 is for family farmers or fishermen (and women). It’s been called “a Chapter 13 on steroids” because it gives the filer more rights against a mortgagee than the Chapter 13 filer has.
Confused? Don’t worry ‑ one of the reasons you need to hire an experienced bankruptcy lawyer for your case is to be sure that you choose the right type of bankruptcy for your situation. All you need to do is contact me for a consultation to talk about your problems and whether bankruptcy is right for you.
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