Filing for bankruptcy helps the filer by either getting a discharge from most of their debts or by helping them devise a repayment plan to catch up with all the arrears. Bankruptcy can be filed by an individual, a couple, a business, or any such entity.
All bankruptcy-related cases are handled by the federal courts, which they abide by, by following the US bankruptcy codes. The different types of bankruptcy include –
- Chapter 7 and chapter 13 – Individuals can file for bankruptcy under this chapter
- Chapter 9 – Municipalities like city, towns, schools, taxing districts
- Chapter 7 and Chapter 11 – Businesses may file under these chapters for liquidation and reorganization
- Chapter 12 – provides relief to farmers and fishermen
- Chapter 15 – a case that involves the filing parties from more than one country.
To correctly interpret the bankruptcy codes, it is highly recommended to hire a professional who can guide you based on their experience. Since bankruptcy is a very complicated domain and any mistake in filing can end up being detrimental in your favor. To get in touch with the best in your area, log on to – https://www.recoverylawgroup.com/bankruptcy/ or call on 888-297-6203