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BANKRUPTCY OVERVIEW

By Zeshan Usman, Attorney

wis-law.com contributor

UsmanLaw.com

608-829-1112 (T) | 1-888-876-2636 (F)

525 Junction Rd. Ste. 8520N,

Madison WI 53717

Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcy cases are always filed in The United States Bankruptcy Court, but cases depend heavily on state and local laws. There are four main types of bankruptcy used by people in the United States.

Chapter 7 Bankruptcy,

Chapter 7, is also known as straight bankruptcy. This is the fastest, easiest and least expensive kind of bankruptcy.

Chapter 11 Bankruptcy Reorganization

Chapter 11 reorganization, is used primarily by businesses but also by people with substantial debts and assets.

Chapter 12 Bankruptcy

Chapter 12, which is used solely by family farmers as a way to reorganize their finances.

Chapter 13 Bankruptcy

Chapter 13 is the personal version of Chapter 11. Individuals with a regular source of income can put together a payment plan in exchange for keeping all of their property. It’s used heavily by people who are looking to save a home from foreclosure or a car from repossession.

The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11.

To learn more about bankruptcy download free ebook, The Truth About Bankruptcy.

For Bankruptcy EBOOK Click Here.

CHAPTER 7

CHAPTER 11

CHAPTER 13

U.S. BANKRUPTCY CODE SECTION 54

BANKRUPTCY EXEMPTIONS IN WISCONSIN

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