What Are The Different Types Of Bankruptcies?
When individuals or businesses become overwhelmed with debt, filing for bankruptcy may be the best option to regain financial stability. Bankruptcy is a legal proceeding that can help people and businesses discharge some of their debt in order to start fresh. There are different types of bankruptcies available, depending on the type of filer.
The most common form of bankruptcy filed by individuals is chapter 7 bankruptcy. Chapter 7 is sometimes referred to as “straight” or “liquidation” bankruptcy because it requires filers to sell off all nonexempt assets in order to pay back creditors. Additionally, chapter 13 is another type of bankruptcy often used by individuals who wish to keep their assets while reorganizing their debts into a manageable repayment plan over three to five years.
Finally, businesses may file for either chapter 7 or chapter 11 bankruptcy depending on their needs and situation.
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