Are you filing bankruptcy and in need of advice?

There are several different types of bankruptcy and you need to know which one to use for your situation!

Let's go through the chapters of bankruptcy right here in which an individual can file under.

1. First, there is chapter 7. Chapter 7 is sometimes called a "straight" bankruptcy or a type of liquidation. In chapter 7 a court appointed trustee sells off your non-exempt assets and distributes the proceeds from the sale to your creditors.

Chapter 7 is one of the easiest to file and is most often used by individuals who have little property or other option in repaying debt than an outright discharge.2. The next is a chapter 13, also called the wage earner plan. A chapter 13 does not discharge your debts, but puts you on a required repayment plan that can last for years.

Many new consumers who apply for a bankruptcy will be required to file a chapter 13 and commit to a 5 year repayment schedule.

Either way, a bankruptcy can be an ordeal.

3. the third way to go about filing bankruptcy is by a chapter 11. Chapter 11 is used by business owners who need debt relief so they can re-organise and find ways to save money and get a business on it's feet without the immediate pressure of creditors breathing down your neck.

It is also theoretically available to consumer debtors. In chapter 11, a debtor is gien the opportunity to propose a plan to repay all or some of the debts owed and the creditors are given the chance to vote whether to accept or reject the plan.

Let's move on to the next page of filing bankruptcy by clicking here.