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The two most common kinds of consumer bankruptcy areChapter 7 and Chapter 13. Chapter 11 bankruptcy is typically used by businesses. Here’s a breakdown: Chapter 7 bankruptcy Known as “liquidation” since most unsecured debts are forgiven,Chapter 7 bankruptcyis the fastest and most common form ...
filing for bankruptcy is a legal process that can help individuals remove or reorganize existing debts that they may not be able to repay. the two main types of bankruptcy that consumers can file are known as chapter 7 and chapter 13. filing for bankruptcy involves filing a petition with the...
Bankruptcy Open Period With both chapter 7 and chapter 13, a bankruptcy case is opened the moment a debtor files his bankruptcy petition, and the case remains open until it is discharged by the court. For chapter 7, this happens quickly, usually within 60 to 90 days from the date set for...
Chapter 7 Bankruptcy The most common form of bankruptcy is Chapter 7. This is also often known as liquidation bankruptcy. Unable to pay off debts with money, the party must—with the help of a trustee—liquidate their non-exempt assets and divide the money to give to creditors. Much of th...
A bankruptcy trustee is a court-appointed official responsible for overseeing the bankruptcy process, managing the debtor’s estate, and ensuring that creditors receive fair treatment.
However, on balance, I think if you have to file for bankruptcy, a chapter 13 bankruptcy is better than chapter 7. Chapter 7 wipes everything out so you don’t have to repay anyone; with chapter 13, you do need to repay some or all of your bankruptcy debt, just as your uncle did...
Bankruptcy Open Period With both chapter 7 and chapter 13, a bankruptcy case is opened the moment a debtor files his bankruptcy petition, and the case remains open until it is discharged by the court. For chapter 7, this happens quickly, usually within 60 to 90 days from the date set for...
Chapter 13 Bankruptcy Chapter 13bankruptcy allows you to retain your assets, but you must agree to a plan to repay your debts over a period of three to five years. The trustee collects your payments and distributes them to your creditors. Chapter 13 bankruptcy is normally chosen by people wh...