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Bankruptcy Basics

This bankruptcy booklet contains information about the different kinds of bankruptcy cases that may be filed with the U.S. Bankruptcy Court, the different parties who are a part of a bankruptcy case, the process that the case goes through and how a bankruptcy case is concluded.

Chapter 13 Bankruptcy

Chapter 13 is commonly referred to as the wage earner plan. If a debtor (or husband and wife debtors) has any sort of income, from any source, he can file a petition for relief under Chapter 13 and repay his creditors, in part or in full, through a Chapter 13 trustee.

Chapter 7 Bankruptcy

Chapter 7 refers to straight or liquidated bankruptcy. Under Chapter 7, a debtor (or husband and wife debtors) files a petition for relief, which automatically entitles the debtor to a court order protecting the debtor from the people or businesses to whom he owes money, who are called "creditors."

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