Chapter 7 Bankruptcy
The goal for people who submit Chapter 7 is to totally free themselves of financial obligation with a bankruptcy discharge. Although operations usually do not obtain a discharge, corporations and also collaborations could use Chapter 7 to liquidate and shut their operation.
Chapter 11 Bankruptcy
Under Chapter 11, you continue to run your company under the guidance of the court. You maintain every one of your properties and get protection versus lawsuits as well. Your duty is to recommend a prepare for covering restructuring your financial circumstance as well as covering your financial obligations.
Chapter 13 Bankruptcy
Chapter 13 is for individuals with regular revenue that wish to restructure their monetary affairs. The debtor proposes a repayment strategy, such as to mesmerize on the defaults on their home mortgage. Just individuals and sole owners are eligible for Chapter 13.
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