Chapter 7 Bankruptcy
Also called a liquidation bankruptcy allows a debtor to have their debt discharged (eliminated) while retaining some or all of their assets. Often debtors can keep their home, vehicle and personal belongings.
Chapter 13 Bankruptcy
An alternative to Chapter 7 is for individuals to create a repayment plan. A debtors may create a repayment plan that pays all or only part of their debts. Debtors can often avoid foreclosure or prevent a vehicle repossession under this form of bankruptcy protection.
Chapter 11 Bankruptcy
Even profitable businesses can go under due to temporary cash flow problems. Under Chapter 11, a debtor may be able to restructure debt to meet their ability to pay.