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Chapter 7 Bankruptcy
|
Chapter of the Bankruptcy Code that provides
for court administered liquidation of the assets of a financially troubled
individual or business. |
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Chapter 11 Bankruptcy
|
Chapter of the Bankruptcy Code that is usually
used for the reorganization of a financially troubled business. Used as an
alternative to liquidation under Chapter 7. The U.S. Supreme Court has held
that an individual may also use Chapter 11. |
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Chapter 12 Bankruptcy
|
Chapter of the Bankruptcy Code adopted to
address the financial crisis of the nation's farming community. Cases under
this chapter are administered like Chapter 11 cases, but with special
protections to meet the special conditions of family farm operations. |
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Chapter 13 Bankruptcy
|
Chapter of the Bankruptcy Code in which debtors
repay debts according to a plan accepted by the debtor, the creditors and
the court. Plan payments usually come from the debtor's future income and
are paid to creditors through the court system and the bankruptcy trustee. |
