Types and Chapters of Bankruptcy

Types of Bankruptcy and Chapters of Bankruptcy

NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13

The Bankruptcy Code is divided into 2 Types, and 5 Chapters.

The two types are:

1) Straight/Liquidation; (Chapter 7 only) and
2) Reorganization/Repayment; (all the rest: Chapters 9, 11, 12, and 13)

The two chapters that usually apply to consumers are Chapter 7, where most or all of your debt is wiped out, and Chapter 13, which involves a repayment plan.

Chapter 9 is for cities. 
Chapter 11 is a reorganization for a corporation or someone who has a lot of debt, normally more than a million dollars. 

Chapter 12 is for farmers.


Bankruptcy Glossary

1701 Scott Avenue Charlotte North Carolina 28203
phone: 704 / 377-0776
fax: 704 / 377-0775

DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion. Personal opinions may also be expressed. No attorney-client relationship is created by this message. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.

The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.

IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).

Copyright Susanne Robicsek. All rights reserved.

Page copy protected against web site content infringement by Copyscape

Charlotte NC Bankruptcy Lawyer Concentrating In Consumer Bankruptcy Since 1988
Copyright 2000 - 2017

Page copy protected against web site content infringement by Copyscape