Small businesses can file for Chapter 11 bankruptcy when they find it difficult to meet their tax requirements or have trouble paying employees their wages.
When farmers or fishermen face a tough financial situation, they have the option to file for Chapter 12 bankruptcy to get relief. This happens when the loan and mortgage amounts get out of hand.
For individuals who do not belong to the above classes, there is Chapter 7 bankruptcy and Chapter 13 bankruptcy. Let take a look at how these work.
Chapter 7 bankruptcy
Chapter 7 bankruptcy offers individuals a fresh beginning and the chance to become free of all debts. It is also known as total debt liquidation bankruptcy. This type of bankruptcy includes all debts and loans such as personal loans, old tax debts and deficiencies, medical bills, credit card debts, and delinquent utility bills. So anybody who gets signs up for this type of bankruptcy will have their slate cleaned.
There are specific instances where one may not get relief from their loans or debts under the Chapter 7 bankruptcy.
Chapter 13 bankruptcy
Chapter 13 designed this for those who have a higher and regular income but are unable to make payments to get relief from debts because they do not qualify for the Chapter 7 bankruptcy. In these circumstances, they can file for Chapter 13 bankruptcy. This type of bankruptcy allows you to make smaller payments for a longer period and obtain relief from those debts.
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