Chapter 7 bankruptcy is the debtor's (non-exempt) assets are sold to repay outstanding debts, with the remainder of the debt not needing to be repaid. Qualification for Chapter 7 bankruptcy is contingent on earning below a certain income threshold. Chapter 11 bankruptcy is where the debtor ...
Chapter 7 bankruptcy, typically focused on the elimination of unsecured debts, including credit card balances Chapter 13 bankruptcyfor higher-income individuals facing a range of circumstances, including the need for foreclosure defense or other strategic asset protection Chapter 11 bankruptcy to gain time...