There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:
- Chapter 7: Basic Liquidation For Individuals And Businesses;
- Chapter 9: Municipal Bankruptcy;
- Chapter 11: Rehabilitation Or Reorganization, Used Primarily By Business Debtors, but sometimes by individuals with substantial debts and assets;
- Chapter 12: Rehabilitation For Family Farmers And Fishermen;
- Chapter 13: Rehabilitation With A Payment Plan For Individuals With A Regular Source Of Income;
- Chapter 15: Ancillary and Other International Cases. The most common types of personal bankruptcy for individuals are
Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11. If you need an experienced attorney, please give us a call today for your FREE consultation at 401-751-3900.