Bankruptcy & Debt Law
Bankruptcy is designed for individuals as well as businesses’ who can no longer pay off their accrued debts by providing an opportunity to liquidate assets to relive that debt. These cases are filed in federal courts often referred to by their chapter in the U.S. Bankruptcy Code.
Chapter 7 bankruptcies are used by individuals & businesses in filing the trustee sells non-exempt assets to pay creditors. In a Chapter 13 filing, an individual would come up with a payment plan to repay the debt based on their wage for businesses this relief plan is referred to in Chapter 11 of the U.S. Bankruptcy Code.
There are also many other types of bankruptcies less commonly used these Chapters include Chapter 9, Chapter 12 and Chapter 15 if you would like to learn more about bankruptcy law in the U.S I suggest a visit to the United States Courts website.
This website does not provide legal advice and all content is provided for information purposes only.
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