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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
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On April 17, 2012, the company missed an interest payment. [10] On May 14, 2012, the company filed for a pre-packaged bankruptcy that included the separation of the company from its parent, Ally Financial. [11] On December 11, 2013, the company's Plan of Reorganization was approved by the bankruptcy court. [12]
Unlike Chapter 7 bankruptcy, which involves liquidating assets, Chapter 13 allows you to reorganize your finances and make manageable payments over a set period. Chapter 13 bankruptcy: The basics
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