Types of Bankruptcy
July 16th, 2008
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The most important fact to consider in filing for a bankruptcy case successfully is to consider all types of bankruptcy in order to determine which one suits your financial conditions best. Accordingly, the Bankruptcy Code has enacted a total of six types of bankruptcy, each one are named and called after chapter numbers and their specific distinctive qualities. The chapters and names or titles of each of the types of bankruptcy are as follows: Chapter 7, entitled Liquidation, Chapter 13, entitled Adjustment of Debts of an Individual with Regular Income, Chapter 11, entitled Reorganization, Chapter 12, entitled Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income, Chapter 9, entitled
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Adjustment of Debts of a Municipality, provides essentially for reorganization, and Chapter 15, entitled Ancillary and Other Cross-Border Cases.
Types of Bankruptcy
Chapter 7, Liquidation, provides for
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Entry Filed under: Avoiding Bankruptcy
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