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Simple List of the Types of Bankruptcy

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There are a number of different types of bankruptcy, each of which is used in different circumstances and situations. Chapter 7 bankruptcy and Chapter 13 bankruptcy are used to resolve personal debt.When an individual files for Chapter 7 bankruptcy, his/her assets will be seized and liquidated to pay his/her creditors. Today, consumers are usually permitted to keep most of their personal belongings. Following this completion of this process, an individual's debts will be dissolved.A Chapter 13 bankruptcy allows an individual to establish a suitable repayment plan. This repayment play will endure for a 3 to 5 year period. Following the expiration of this period, the remaining portion of his/her debt will be discharged.A Chapter 11 bankruptcy is used to resolve corporate debt. It allows a business or organization to reorganize so that it may effectively repay its debts.Chapter 12 bankruptcy is reserved for farmers and fishermen.
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  • Types Of Bankruptcy

    There are a number of different types of bankruptcy, each of which is used in different circumstances and situations. Chapter 7 bankruptcy and Chapter 13 bankruptcy are used to resolve personal debt.

    When an individual files for Chapter 7 bankruptcy, his/her assets will be seized and liquidated to pay his/her creditors. Today, consumers are usually permitted to keep most of their personal belongings. Following this completion of this process, an individual's debts will be dissolved.

    A Chapter 13 bankruptcy allows an individual to establish a suitable repayment plan. This repayment play will endure for a 3 to 5 year period. Following the expiration of this period, the remaining portion of his/her debt will be discharged.

    A Chapter 11 bankruptcy is used to resolve corporate debt. It allows a business or organization to reorganize so that it may effectively repay its debts.

    Chapter 12 bankruptcy is reserved for farmers and fishermen.

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