- You can find four form of bankruptcy cases provided under the laws:
- 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 a dozen is reserved for family farmers.
- Part 13 is called “debt adjustment”. It requires a debtor to file a plan to pay debts (or parts of debts) from current income. Continue lendo “You could potentially file for A bankruptcy proceeding bankruptcy once more after half a dozen many years has gone by regarding date of your own history processing”