For individuals, there are two common types of bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy. We discussed Chapter 7 bankruptcy in a previous post, but as a quick refresher, Chapter 7 bankruptcy is a liquidation bankruptcy that will allow a person to eliminate most of their unsecured debt such as credit cards, medical bills, […]
What is a Chapter 13 Bankruptcy?
The two most common bankruptcies for individuals are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 is a liquidation bankruptcy, while Chapter 13 is generally known as a repayment plan. We will discuss Chapter 13 bankruptcy at a later time. This post, however, will briefly explain how a Chapter 7 bankruptcy works. In a […]