Chapter 11 bankruptcy
This kind of bankruptcy is meant for small business and corporations. When such companies find themselves in a tight spot financially and are unable to even supply their payroll or manage their taxes then they can file for Chapter 11 bankruptcy.
Chapter 12 bankruptcy
This kind of bankruptcy is meant for family farmers and family fishermen exclusively. When such workers become burdened by insurmountable loans, they can seek help and relief by filing for Chapter 12 bankruptcy. They may be relieved of their loans without having to lose their house, car, or other property too.
Chapter 13 bankruptcy
Chapter 7 bankruptcy, while highly desired, is not something everyone can qualify for. For those who are out of scope for Chapter 7 bankruptcy, their next best option is Chapter 13 bankruptcy.
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