The United States Bankruptcy Code contains 6 types of bankruptcy. Discover which are the most common and more.
Chapter 13, known as “reorganization bankruptcy,” lets you create a repayment plan to repay debts over three to five years. Unlike Chapter 7, this type of bankruptcy allows you to keep your assets while making monthly payments to creditors via a trustee. Once the repayment plan is completed...
what assets will be kept, and what will be surrendered. Filing for Chapter 13 bankruptcy can give you a chance to catch up on car payments or mortgage payments so you can keep them. In the state of Nevada, there are two ways to
Bankruptcy filing costs vary, depending on the type of bankruptcy, the complexity of the case, and other factors. Chapter 7 Bankruptcy Most people file for Chapter 7 bankruptcy, which allows you to dispose ofunsecured debts, such as credit card balances and medical bills. ...
There are several different types of bankruptcy options, each with its own set of rules and procedures, and each with its own processes and nuances. The types of bankruptcy are referred to by the "chapter" of the Bankruptcy Code by which it is governed. This article will focus on the two...
Chapter 12 Bankruptcy: This type is restricted to those whose main income comes from farming or fishing. Filing for Chapter 12 bankruptcy is very rare, but it gives people the ability to get rid of liens and has higher debt limits.
1. Chapter 7 Also called ‘Liquidation’ or ‘Straight Bankruptcy,’ Chapter 7 bankruptcy is the more common of the two individual bankruptcies. The local court appoints a trustee to oversee the liquidation of assets so the party’s creditors are paid off. Other remaining debts such as credit...
Chapter 13 bankruptcy is more a "reorganization" option in which you set up a repayment plan to pay back creditors over a specific period of time. Property liquidation is not required with Chapter 13, however, you'll need regular income in order to make your payments and it could take 3-...
Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.
Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.