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Chapter 12 bankruptcy for family fishermen and family farmers needing a repayment plan. Debt consolidation vs. bankruptcy Bankruptcy and debt consolidation both have their pros and cons.
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.
There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection.
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]
Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is a more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.
Pros and cons of declaring bankruptcy. ... Loss of assets: Under Chapter 7 bankruptcy, non-exempt assets such as homes, cars or other valuable items may be liquidated to pay off creditors. While ...
Meanwhile, Chapter 7 bankruptcy provides a single discharge of all debts and the liquidation of most property. Pros of debt consolidation Consolidating debt with a balance transfer credit card can ...