What are the most commonly referred to types of bankruptcy?
There are several different types of bankruptcy: Chapter 11 is generally for corporate reorganizations where the debtor is in control of the estate; Chapter 7 is generally for corporate and individual liquidations; Chapter 12 is generally for farm reorganizations; Chapter 13 is generally for individual reorganizations; and Chapter 15 is for preserving the rights of parties in interest in a foreign proceeding. Visit the U.S. Department of Justice Web site at www.usdoj.gov and Cornell University Law School at www4.law.cornell.edu/uscode/11/ for more information.
