What types of bankruptcies are available to individuals?
Individuals, as guided by a bankruptcy attorney, can file either a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 is generally available to consumers with lower incomes and equity. Referred to as a liquidation, unsecured debts are typically discharged and the filer keeps essential property which they can afford such as homes, vehicles, personal belongings, etc. A Chapter 13, known as a reorganization, sets up a payment plan under which the debtor pays back a portion of outstanding debts.
Related Questions
- What physiological differences were observed in the treatment outcome in individuals using different types of batteries for the Energy Cleaner lead vs. nickel, etc.?
- What types of individuals are eligible to be served through Community-Based Job Training grants?
- What types of career opportunities will doctoral-prepared individuals find upon graduation?
