Frequently Asked Questions About Bankruptcy

Frequently Asked Questions About Bankruptcy What is Bankruptcy?Bankruptcy is a federal program established to provide debt relief to persons and organizations suffering from financial difficulties. Different types of bankruptcy relief are available under various chapters of the United States Bankruptcy Code. The two primary forms of bankruptcy relief available for individuals are under Chapters 7 …

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Chapter 13

Chapter 13 bankruptcy is a debt repayment plan that protects the debtor from collection action during theplan and discharges (forgives) any unpaid balance of dischargeable debts at the end of the plan. Chapter 13is available to individuals that have regular income and have liquidated, unsecured debts not exceeding $336,900 and secured debts not exceeding $1,010,650. …

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Chapter 7

Chapter 7 bankruptcy is the most common type of bankruptcy and is available to individuals, married couples, corporations and partnerships. Chapter 7 is a liquidation proceeding in which the debtors non-exempt assets, if any, are sold by a court-appointed “trustee” and the proceeds distributed to creditors according to priorities established in the U.S. Bankruptcy Code. …

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