The Most Common Chapters of Bankruptcy

47
rate or flag this page

By bryanhooper


The Most Common Chapters Of Bankruptcy


Chapter 7

The section of the Bankruptcy
Code providing for “liquidation” or the
Selling of a debtor’s nonexempt property and
The distribution of the proceeds to creditors.



Chapter 9

The section of the Bankruptcy
Code providing for restructuring of
Municipalities



Chapter 11

The section of the Bankruptcy
Code providing for
Restructuring, ordinarily concerning a
Corporation or partnership. A chapter 11
Debtor usually proposes a plan of
Reformation to keep its organization alive and pay
Creditors over time. Those in business or
Individuals can furthermore seek relief in chapter 11.



Chapter 12

The section of the Bankruptcy Code
Providing for adjustment of amount overdue of a “family
Cultivator,” or a “family fisherman” as those stipulations
Are defined in the Bankruptcy Code.



Chapter 13

The section of the Bankruptcy Code
Providing for adjustment of debts of an
Person with regular wages. Chapter 13
Allows a debtor to keep property and pay debts
Over time, ordinarily three to five years.



Chapter 15

The section of the Bankruptcy
Code dealing with cases of cross-border
Insolvency.

Print   —   Rate it:  up  down  flag this hub

RSS for comments on this Hub

No comments yet.

Submit a Comment

Members and Guests

Sign in or sign up and post using a hubpages account.


optional


  • No HTML is allowed in comments, but URLs will be hyperlinked
  • Comments are not for promoting your hubs or other sites

The 6 Basic Chapters of Bankruptcy in the News

working