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Chapter 7 and Chapter 13 bankruptcy are common options for individuals with unmanageable debt. Bankruptcy may be the right choice if you’re facing overwhelming debt, frequent creditor calls or ...
An attorney can help you decide whether bankruptcy is the best option and, if so, which type is right for you. They can also represent you during the proceedings. ... A Chapter 13 may be best if ...
By the time the average person is ready to declare bankruptcy, they've probably done everything they can to deal with a looming financial crisis. Often unexpected life events and crises lead to the...
Chapter 13 bankruptcy, known as reorganization bankruptcy, allows you to retain some of your assets while paying back your creditors over a set period of time, typically a three-to-five-year period.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
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