BANKRUPTCYA legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code). Click for more: Bankruptcy Introduction Video BASICS: PART 2
Types of Bankruptcy
There are three main types of bankruptcy cases for individuals, the most common of which are chapter 7The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.) Click for more: Chapter 7 Bankruptcy and chapter 13The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) Click for more: Chapter 13 Bankruptcy.
BANKRUPTCY BASICS: PART 2
Types of Bankruptcy
There are three main types of bankruptcy cases for individuals, the most common of which are chapter 7 and chapter 13.
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