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Bankruptcy Types

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Chapter 7 - a portion of the U.S. Bankruptcy Code describing the liquidation of a company after bankruptcy. It cancels or discharges certain debts by selling off particular types of property for the creditor's benefit. Most debtors, however, are able to keep property they need to get on with their lives.

Chapter 13 - a portion of the U.S. Bankruptcy Code describing how a company can file for court protection. Reorganization occurs under an independent, court-appointed manager.

Chapter 11 - a portion of the U.S. Bankruptcy Code describing how a company or creditor can file for court protection. Individuals who file a Chapter 11 bankruptcy usually have debts in excess of the Chapter 13 limits or have substantial non-exempt assets such as property. In the case of a corporation, reorganization occurs under the existing management.

Involuntary Bankruptcy - the U.S. Bankruptcy Code permits creditors to file a bankruptcy petition and force a debtor (an individual or business) to answer in the bankruptcy court. This procedure allows creditors to force a debtor, who has assets but refuses pay the creditors, in to court.

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