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Types of Bankruptcy
Under U.S. bankruptcy code, there are several types of bankruptcy structures for individuals who want to need relief from personal or business debt. Several variables dictate which structure is best including the amount of debt you have, your monthly income and what types of debt you have. If you are considering bankruptcy, below is come basic information to help you make your final decision.
Personal bankruptcy
When you have too much personal debt you have two options for bankruptcy:
Chapter 7 bankruptcy:
Chapter 13 bankruptcy:
Business bankruptcy
Chapter 7- Liquidation
Chapter 12- Family farmer or fisherman bankruptcy
Chapter 11- Reorganization
Chapter 13- Debt restructuring
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