Bankruptcy Types

Chapter 7 Bankruptcy - This is the bankruptcy option for people with no or little property and a large sum of unsecured debt. Usually the court will sell any non-exempt assets you have to pay your creditors and discharge the debt.

Chapter 11 Bankruptcy - This is the most complex bankruptcy filing. Usually troubled businesses file this type of bankruptcy however some individuals may file this as well. In this type of bankruptcy, the debtor continues to function while maintaining ownership of all assets and will try to work out a plan to pay off creditors.

Chapter 12 Bankruptcy - This bankruptcy option is usually designed for farm owners. The debtor will still control and own all of his/her assets and will work out a repayment plan with creditors.

Chapter 13 Bankruptcy - With this type of bankruptcy the debtor will keep ownership and control of his/her assets. However he/she will work out t a three to five year debt repayment plan. Some parts of the debt may be discharged depending upon the income of the debtor