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Contributed by mm | September 20, 2006 9:54 PM PST
Before you file for bankruptcy, you should decide which type (or chapter) is the right one for you. Here is a brief description of each of the different types of bankruptcies:
Chapter 7 - Liquidations
• The purpose of a chapter 7 is to allow a person to obtain a fresh start, free from creditors and free from the pressures of over-whelming debt. Under this chapter, a trustee takes possession of your non-exempt property and assets; converts them to cash and distributes the funds to creditors. After filing for relief under chapter 7, an individual debtor may receive a discharge.
• A discharge permanently prohibits creditors from attempting to collect those debts listed in a bankruptcy. However, some debts are non-dischargeable. They include certain taxes, student loans, alimony and child support to name a few.
• A business that files a chapter 7 bankruptcy will not receive a discharge.
• If you receive a discharge under a chapter 7, you may not receive another discharge under this type of bankruptcy for the next 6 years.
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What Is Chapter 12 Bankruptcy? (September 20, 2006)
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What Is Chapter 11 Bankruptcy? (September 20, 2006)
Before you file for bankruptcy, you should decide which type (or chapter) is the right one for you. Here is a brief description of each of the different types of bankruptcies: Chapter 11 - Reorganizations • The purpose of a chapter 11 bankruptcy is to ...
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If several of the following apply in your situation, you might consider bankruptcy: • Your wages have been garnished or your bank account has been attached • Most of your debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc. • Your ...
Some Alternatives To Get Cash Before You File Bankruptcy (September 20, 2006)
This is a pretty comprehensive list about how to get some more liquidity when you feel you are close to bankruptcy. Of course, once you have some cash, you still need to resolve the underlying problems in your finance.
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