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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]
Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income. [49] [50] As many as 65% of all US consumer bankruptcy filings are Chapter 7 cases.
Key takeaways. 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 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income; Chapter 15: Ancillary and Other Cross-Border Cases
Companies that filed for Chapter 7 bankruptcy in 2024 (17 P) This page was last edited on 14 May 2023, at 22:28 (UTC). Text is ...
Once you move forward with Chapter 7 or Chapter 13 bankruptcy, four possible scenarios might play out. All of your student loans and other debts are discharged. Your loans are partially discharged.
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