Understanding 5 Types of Bankruptcies

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bankruptciesMany business owners and individuals who explore the possibility and viability of filing for bankruptcy are surprised — and indeed, confused — by the fact that there is not just one type of bankruptcy filing. Rather, there are multiple types of bankruptcy filings that get their name from the chapter in which they are described in Title 11 of the United States Code (more commonly referred to as the “Bankruptcy Code”).

Chapter 13 Bankruptcy: Answers to 5 Common Questions

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chapter 13 bankruptcyAlso referred to as “repayment plan bankruptcy” or “wage earner’s plan,” chapter 13 bankruptcy may be available to individuals who demonstrate to the court that they have the capacity to repay some or all of their debt over a reasonable period of time (e.g. 3-5 years).

A chapter 13 bankruptcy filing is complex and there are numerous rules and steps. While it is beyond the scope of this article to provide comprehensive details of the complete process, below we highlight answers to 5 common — and important — questions: