Bankruptcy is
a federal court process designed to help consumers and businesses
eliminate their debts or repay them under the protection of
the bankruptcy court. Bankruptcies can generally be described
as "liquidations" or "reorganizations."
Chapter 7 bankruptcy is the liquidation variety -- property
is sold (liquidated) to pay off as much of your debt as possible,
while leaving you with enough property to make a fresh start.
There are several types bankruptcy that fall under the broad
heading of "reorganization." Chapter 13 is the most
common type of "reorganization" bankruptcy for consumers
-- you repay all or a portion of your debts over a period of
three to five years.
Both kinds of bankruptcy have numerous rules -- and exceptions
to those rules -- about what kinds of debts are covered, who
can file, and what property you can and cannot keep. Click on
the links to the right to find out more information about specific
types of bankruptcy.
Online Questionnaire Form (PDF)
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Chapter
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Chapter
11
Chapter
12
Chapter
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