⇧ Understanding Bankruptcy
- Bankruptcy Basics
- What bankruptcy can't do
- Types of Bankruptcy Cases
- Bankruptcy Basics
- Bankruptcy Basics - Chapter 7
- Bankruptcy Basics - Chapter 13
- Bankruptcy Basics - The Process
- Facts About Bankruptcy
- Personal Bankruptcy Basics in Maryland
- Will bankruptcy wipe out all my debts?
- Should I file for bankruptcy?
- Could bankruptcy help me prevent my car from being repossesed?
Types of Bankruptcy Cases
There are four types of bankruptcy cases provided under the law:
- Chapter 7 is known as “straight” bankruptcy or “liquidation.” It requires a debtor to give up property which exceeds certain limits called “exemptions,” so the property can be sold to pay creditors.
- Chapter 11, known as “reorganization,” is used by businesses and a few individual debtors whose debts are very large.
- Chapter 12 is reserved for family farmers.
- Chapter 13 is called “debt adjustment.” It requires a debtor to file a plan to pay debts (or parts of debts) from current income.
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