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Bankruptcy
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What is Bankruptcy?
Chapter 7 & Chapter 13
Bankruptcy is a federal court process that helps individuals and businesses unable to repay their debts fulfill their obligations under the federal provisions of the bankruptcy code.
Under a liquidation bankruptcy (Chapter 7), you ask the bankruptcy court to wipe out (discharge) the debts owed. Under a reorganization bankruptcy (Chapters 11,12, and 13), you file a plan with the bankruptcy court proposing how you will repay your creditors. Some debts must be repaid in full; others you pay only a percentage of the balance due; others aren't paid at all.
The two most popular chapters of bankruptcy
- Liquidation or Chapter 7
Bankruptcy.
Chapter 7 Bankruptcy refers to that chapter of the bankruptcy law under which an individual or company allows his assets to be sold off (liquidated) to pay creditors. It lets you eliminate (discharge) most of your debts in exchange for giving up property that is not protected by "exemption" laws in order to give you, the debtor, a fresh start. A bankruptcy trustee sells your property and distributes the money to your creditors. Any remaining unpaid debt is wiped out. If you don't have much property, you may get to keep what little you have.
- Reorganization or Chapter 13
Bankruptcy.
Chapter 13 bankruptcy allows you to rearrange your financial affairs, repay a portion of your debts and put yourself back on your financial feet. The objective is to give creditors a fair share of the money that you can afford to pay back. Under a typical plan, you make monthly payments to someone called a bankruptcy trustee, who is appointed by the bankruptcy court, for three to five years. The bankruptcy trustee distributes the money to your creditors.
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