Bankruptcy Options

Johndoe234 · #1 (**permalink**) 12-03-2009, 06:59 PM

There are two bankruptcy types. The most popular is the chapter 7, and there is also the chapter 13. Chapter 7 is more difficult to file, because of the means test. Many individuals will be forced to file a chapter 13 case because of this test.

nilupul · #2 (**permalink**) 02-22-2010, 10:08 PM

Chapter 7 bankruptcy is most common. It is a liquidation bankruptcy.Individuals, corporations and partnerships are all eligible for Chapter 7 bankruptcies. This is a simple form of bankruptcy

Chapter 11 is the most complex bankruptcy. It is generally filed by businesses. In a Chapter 11 bankruptcy filing, the debtor continues to function, maintains ownership of all assets, and tries to work out a reorganization plan to pay off creditors.