What are the four types of bankruptcies?

Chapter 7 and Chapter 13 bankruptcy are two of the most common types of bankruptcy filings. But there are four other types Chapters 9, 11, 12, and 15.

Which bankruptcy is better 7 or 13?

In many cases, Chapter 7 bankruptcy is a better fit than Chapter 13 bankruptcy. For instance, not only is Chapter 7 quicker, many people prefer the following two things as well: filers keep all or most of their property, and. filers don't pay creditors through a three- to five-year Chapter 13 repayment plan.

What are the three most common bankruptcies?

There are several types of bankruptcy. The most common types are Chapter 7, Chapter 13, and Chapter 11. Chapter 7 Bankruptcy forgives you of most of your debt. You can keep most or all of your assets with a few exceptions.

What is the most common type of bankruptcy filed?

Chapter 7 Bankruptcy Also known as liquidation or straight bankruptcy, Chapter 7 is the most common type of bankruptcy for individuals. A court-appointed trustee oversees the liquidation (sale) of your assets (anything you own that has value) to pay off your creditors (the people you owe money to).

What is the most common bankruptcy scheme?

Chapter 7 Bankruptcy Also known as liquidation or straight bankruptcy, Chapter 7 is the most common type of bankruptcy for individuals. A court-appointed trustee oversees the liquidation (sale) of your assets (anything you own that has value) to pay off your creditors (the people you owe money to).

What are the three most used chapters to declare bankruptcy?

With that in mind, below are details about three main bankruptcy types. Chapter 7 Bankruptcy. Chapter 7 is also referred to as a liquidation bankruptcy because it calls for most of the debtor's assets to be sold to pay creditors. ... Chapter 13 Bankruptcy. ... Chapter 11 Bankruptcy.

What is the easiest bankruptcy to file?

In cases like this, a Chapter 7 bankruptcy is the fastest, easiest, and most effective means of getting rid of debt. This common bankruptcy case is often called a "no asset" bankruptcy.

Is Chapter 7 or 11 bankruptcy better?

Chapter 11, which is more expensive than Chapter 7, is typically intended for medium- to large-sized businesses, but smaller businesses and sole proprietors may also want to consider this type of bankruptcy. Unlike Chapter 7, Chapter 11 does not liquidate assets, only restructures debts.

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8880 CLIENT INFORMATION WORKSHEETS DEBTOR JOINT DEBTOR FULL NAME STREET ADDRESS MAILmG ADDRESS COUNTY HOME PHONE WORK PHONE FAX if available SOC. SEC. NO. OTHER TAX IDS What other personal or business names have you used in the last six 6 years PRIOR BANKRUPTCIES If you have previously tiled a bankruptcy petition please list the case number date and the location where you tiled on the lines following.

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