7th Chapter
It is also known as liquidation bankruptcy, and both individuals and businesses can declare it. Chapter 7 is intended to discharge all debts by analyzing the debtor's circumstances. The debtor gains by being exempt from any financial obligations, but his other liquid assets are subject to seizure at any time. It may also damage a person's credit rating, preventing him from exercising social freedom on occasion.
13 Chapter
Chapter 13 bankruptcy is also known as Adjustment of Debts. It can only be filed by individuals with a stable income and the ability to pay a portion of their income to resolve their debts. This entire procedure is overseen by the court, and the individual is shielded from creditors' superfluous pursuit. It is an excellent option if you are prepared to repay your loans without paying a high interest rate. Another benefit is the additional time granted for loan repayment. You may also retain your liquid assets such as bonds, jewelry, etc.
11 Chapter
Chapter 11 bankruptcy is typically filed by affluent individuals who belong to the business class. The bankruptcy process is similar to that of Chapter 13, but in this instance, the court permits the companies to recognize and detail their assessments so that a method to settle the debt can be determined.
9th Chapter
Chapter 9 bankruptcy is comparable to Chapter 13 and Chapter 11 bankruptcy, but generally pertains to municipalities considering redevelopment. Orange County, California, which declared Chapter 9 in 1994, would be a suitable example.
12 Chapter
This chapter is restricted to farmers and fishermen. This enables debt restructuring and the safekeeping of a small quantity of assets.""
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