What are the different types of bankruptcy and their eligibility requirements?
There are four types of bankruptcy: chapter 7, 11, 12, and 13. They are named depending on their chapters in the United States Bankruptcy code. The first is chapter 7 which can totally eliminate all of the individual’s debts. The second is chapter 13; with this option the individual’s debts will be paid off during the following five years. If you are facing bankruptcy related with business then you can not file chapter 7 or 13, you have to file chapter 11. With chapter 11 you can renegotiate debt and reorganize them so you can get back on the road to financial health. With all new bankruptcy law and various test to determine whether or not an individual is qualified for bankruptcy you need an expert bankruptcy lawyer. You can contact bankruptcy Lawyer Stony Point.
When people think of bankruptcy, they may not realize there are different types of bankruptcy that can be claimed by an individual. There are in fact four different kinds of individual claims that can be made. Each has its own rules and how it works for the person claiming it. These are Chapter 7, 13, 11, and 12.
Source: http://voices.yahoo.com/different-types-bankruptcy-may-not-know-about-498443.html?cat=3
There are five different types of bankruptcy filing, chapter 7, chapter 13, chapter 12, chapter 9 and chapter 11. Chapter 7 and chapter 13 are one type of bankruptcy that is available for individuals. chapter 12 is a type of bankruptcy for family farmers. chapter 9 is for municipalities while chapter 11 is occasionally used by individuals. Go to www.newjerseybankruptcy.com for more information about bankruptcy.
There are five different types of bankruptcy filing, chapter 7, chapter 13, chapter 12, chapter 9 and chapter 11. Chapter 7 and chapter 13 are one type of bankruptcy that is available for individuals. chapter 12 is a type of bankruptcy for family farmers. chapter 9 is for municipalities while chapter 11 is occasionally used by individuals. http://www.newjerseybankruptcy.com/
The U.S. Bankruptcy Code provides for the following types of bankruptcy filing: Chapter 7 — Liquidation — provides for the liquidation of a debtor’s assets by a trustee to raise cash to pay off creditors’ claims. The stages in a chapter 7 case are discussed below. Companies, as well as individuals, can file for chapter 7 (individual consumer debtors are subject to eligibility requirements, discussed below). Spouses can file a joint-case. The 2005 Amendments to the Bankruptcy Case have increased the complexity of individual consumer chapter 7 cases (discussed further below). Chapter 9 – Municipal Bankruptcy – protects financially-distressed municipalities from creditors while the municipality creates and negotiates plans to adjust its debts. Chapter 11 – Reorganization – provides for reorganization of a debtor under a reorganization plan that is voted on by the debtor’s creditors. However, it is possible for a business debtor to liquidate its assets in chapter 11 under a “liquidating
