What are the two different types of Bankruptcies?
There are two different types of bankruptcies. “Summary” (the most common) and “Ordinary” (less common) ( This doesn’t seem to make sense, if they are less common, you would think that Ordinary would be the common one.) The type of Bankruptcy you file is determined by a number of things and will be decided upon by the Trustee at the time you file for bankruptcy. Occasionally, a file can be changed from Summary to Ordinary during the process. The most common reason for filing a bankruptcy as “Ordinary” is if the Trustee believes that he will recover more than $10,000.00 worth of assets in your bankruptcy to be divided up amongst your creditors. The other reason is if the Trustee believes that the administration of your bankruptcy is going to be more complicated than usual and will require more time to administer it.
