The United States bankruptcy code allows people and businesses who are in debt to file for debt protection and potentially discharge or reorganize the money they owe. Bankruptcy allows otherwise responsible people to overcome their debts and get on with their lives. Knowing the various chapters of the code and how they may (or may not) apply to you can be very important in weighing the decision to file for bankruptcy.
If you or someone you love is living with the pressure of heavy, unsustainable levels of debt, it may be beneficial to discuss your financial situation with an experienced bankruptcy attorney. He or she may be able to go over your case with you in greater detail, and give you the professional advice you need to make an intelligent decision.
How Does Bankruptcy Work, Bankruptcy Forms, Cost Of Bankruptcy,
The Types of Bankruptcy
The US Bankruptcy Code is divided into several chapters, each of which describes a different situation and condition. Some are available only for individuals or only for companies, while others are available for both private and public entities. They are:
· Chapter 7. Chapter 7 involves liquidation of property and is the most common form of debt protection in the United States. Both companies and private citizens can file for Chapter 7. Your non-exempt assets are put up for sale, with the money raised from this sale taken to pay off your creditors. Individuals can have their debts discharged, while companies which file for Chapter 7 are dissolved.
· Chapter 11. Chapter 11 is a reorganizing bankruptcy for corporations. A business drafts a plan to restructure and pay off its debts and a timetable of several years over which to do so. In most cases, it allows the business to keep some or all of its property.
· Chapter 12. Chapter 12 applies only to commercial fishermen and farmers and is tailored particularly for these individuals. An experienced attorney can tell you more about whether you are eligible.
· Chapter 13. Similar to Chapter 11, Chapter 13 allows for reorganization for individuals. An individual submits a repayment plan to the courts, which decide if it is feasible and responsible. An individual needs a relatively large, stable income to be eligible for this chapter.
An experienced bankruptcy attorney can help you determine if any of these options are right for you. To learn more about the process and whether or not you are eligible, it would be in your best interest to speak with a legal professional about your situation.
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