Chapter 7 involves liquidating certain assets to pay for your debt.Chapter 13 allows for restructuring of debt so that a person can pay off his or her debt in installments.Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.These procedures are covered under Title 11 of the United States Code (the Bankruptcy Code).
Bankruptcy is used to stop creditors from attempting to collect a person’s debts and to restructure their debt obligations.
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When considering bankruptcy, it is important to determine which type of filing is best for you and to complete and file all of the required federal and local bankruptcy forms.
If you are unfamiliar with bankruptcy law, you should consult an attorney.