Types of Bankruptcy
The major benefit to filing for bankruptcy is that it affords those who file the opportunity to repay a portion of their debts without collectors breathing down their neck bandar judi slot. As soon as an individual or business files for bankruptcy, a court order is instilled that prohibits debt collectors from trying to recoup their money on their own for as long as the bankruptcy process lasts.
The Federal Rules of Bankruptcy Procedure and local rules of each bankruptcy court govern the bankruptcy process daftar judi slot. The process is overseen by the Bankruptcy Court, which is part of the U.S. courts system. Each of the 94 different federal judicial districts handles its own bankruptcy matters. Bankruptcy cases cannot be filed in state court.
There are six types of bankruptcy, each named after the chapter that outlines it in the U.S. Bankruptcy Code. The six different bankruptcy types are:
Chapter 7: This process wipes out many of the debts owed, but also allows the liquidation of certain assets in order to repay some of the obligations.
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Chapter 9: Available to municipalities such as cities, towns, villages, counties, taxing districts, municipal utilities and school districts as way to restructure certain debts.
Chapter 11: Often used by debt-riddled businesses as a way to keep the venture alive by coming up with a plan to pay creditors over time.
Chapter 12: Allows financially troubled family farmers and fishermen an opportunity to propose and carry out a plan to repay their debts.
Chapter 13: Lets those in financial trouble keep their property and pay debts over time, usually three to five years.
Chapter 15: The most recent addition to the Bankruptcy Code, it addresses international bankruptcy issues.