Personal Bankruptcy<\/p>\n
In a nutshell, most individuals and married couples have two types of bankruptcy under the Bankruptcy Code: Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. While you can receive a bankruptcy discharge and thus eliminate your debts by filing either chapter, Chapter 7 and Chapter 13 function very differently. <\/p>\n
Chapter 7 is intended for those looking for a fresh start. Its often referred to as liquidation bankruptcy -- meaning that you must be prepared to give up any assets that you cant protect by your jurisdictions bankruptcy exemptions to get a clean slate of your debts. Below is a checklist of needed information for Chapter 7. For more detailed information on any of the checklist items, please click the highlighted links.<\/p>\n
Chapter 13 is commonly referred to as the reorganization bankruptcy. Its filed for many reasons - most commonly to save a home from foreclosure, stop IRS collection or to consolidate debts into a single monthly affordable payment. Below is a checklist of needed information for Chapter 13. For more detailed information on any of the checklist items, please click the highlighted links.<\/p>\n
There are many different life situations that result in people filing personal bankruptcies. Some of them are:<\/p>\n
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Bankruptcy - All You Need to Know | Bankruptcy HQ<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Personal Bankruptcy In a nutshell, most individuals and married couples have two types of bankruptcy under the Bankruptcy Code: Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. While you can receive a bankruptcy discharge and thus eliminate your debts by filing either chapter, Chapter 7 and Chapter 13 function very differently. Chapter 7 is intended for those looking for a fresh start. Continue reading