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Bankruptcy

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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 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."

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.

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