Types Of Bankruptcy - BANKRUPTCY
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BANKRUPTCY: Types of bankruptcy
There are two types of bankruptcy. Chapter 13, or "reorganization," allows debtors to keep property that they might otherwise lose, such as a mortgaged house or car. Reorganization may allow a person filing for Chapter 13 to pay off a default over a period of three to five years, rather than surrender property (in many cases your home).
Chapter 7, or "straight bankruptcy," involves liquidation of all assets that are not exempt in your state. The exempt property may include items such as work-related tools and basic household furnishings, among others. Some of the your property may be sold by a court-appointed official or turned over to your creditors. You can file for Chapter 7 only once every six years.
By Practicalmoneyskills.com
ADDITIONAL BANKRUPTCY RELATED FACTS
What Is Chapter 13 And When Can It Be Used?What Is Chapter 13 Bankruptcy?Can I Keep Any Credit Cards?How Long Does A Bankruptcy Remain On My Credit Report?What Are The Most Common Reasons For A Chapter 7 Bankruptcy?Will My Creditors Stop Harassing Me?What Do I Do If Someone Has Filed For Bankruptcy In My Name?| Find Credit Facts |
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