TYPES OF BANKRUPTCIES

There are six bankruptcy Chapters and there for six types of bankruptcies. The types of bankruptcy are as follows:

  • Chapter 7 Liquidation  – for individuals and business.  Only individuals get debts discharged.
  • Chapter 9 Municipal Bankruptcy.
  • Chapter 11 Reorganization – usually for businesses.
  • Chapter 12 Farmer Bankruptcy.
  • Chapter 13 For Individuals with regular income – some or all debts are paid back pursuant to a court approved plan.
  • Chapter 15 concerns international cases.