Difference between Chapter 11 and Chapter 13 bankruptcies?
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Difference between Chapter 11 and Chapter 13 bankruptcies?
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Any other Chapters for bankruptcies?
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flika
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There are four, chapters 7,13,12, and 11.
http://militaryfinance.umuc.edu/bankruptcy/bankruptcy_4_chaps.html
Most common are chapters 11 and 13. It's best to read about those yourself if you are seriously considering either one.
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html |
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Jordan
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Chapter 7: A chapter 7 bankruptcy case does not involve the filing of a plan of repay-reorganize chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.
Chapter 9: available exclusively to municipalities and assists them in the restructuring of debts.
Chapter 11: It postpones a company's obligations to its creditors, giving it time to reorganize its debts or sell parts of the business, for example.
Chapter 12: available only to family farmers and fishermen in certain situations. It is similar to Chapter 13 in some ways, but in other ways benefits farmers and fishermen in ways other than that which is available to ordinary U.S. wage earners.
Chapter 13: The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income.
Chapter 15: Cross-Border Insolvency |
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