Each of the six main chapters of the United States Bankruptcy Code provides debt relief to a distinct class of debtors.
7th Chapter
In a liquidation bankruptcy, the debtor's assets are sold and the proceeds are used to repay creditors. Due to its simplicity and the fact that both individuals and businesses can petition, it is the most prevalent form of bankruptcy in the United States.
While many individuals may balk at the idea of having their assets liquidated, Chapter 7 allows for several exemptions that may enable you to keep your automobile and home. This type of bankruptcy can be an effective method for individuals with substantial unsecured debts to eliminate their debts and start over.
Chapter 13
This is a debt reorganization bankruptcy, wherein the debtor develops a plan to repay the debts over time. In contrast to Chapter 7, where virtually anyone who meets the requirements can petition, Chapter 13 requires a steady income sufficient to pay off debts. If you are unable to repay your creditors with your income, Chapter 13 may not be your best option. However, if you have a steady income that will allow you to repay your debts gradually, this may be your best option.
Chaoter 13 is exclusively available to individuals. Chapter 11 is a similar form that can be filed by corporations, whereas Chapter 12 allows farmers and fishermen to reorganize their debts.
In conclusion
Filing for bankruptcy may be your best option to surmount your debts and begin working towards financial independence, although it may not be suitable for everyone. Today, visit the website of the Milwaukee bankruptcy attorneys at the DeLadurantey Law Office, LLC to learn more about how filing can benefit you.""
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