Raleigh Bankruptcy

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Types of Bankruptcy

What Types of Bankruptcy Are Available for Individuals?

There are several types of bankruptcy provided for in Title 11, but those available to an individual are limited to Chapter 7, Chapter 11, Chapter 12 and Chapter 13 (each gets its name from its specific chapter in Title 11 of the United States Code). Although there are four types of bankruptcy an individual may use Chapter 7 and Chapter 13 are used far more often to obtain relief from debts and obtain a “fresh start.” Chapter 12 is designed for family farmers and family fisherman, Chapter 11 is often very expensive, and is primarily geared towards businesses or individuals that exceed the debt limits of Chapter 13.

Chapter 7

Chapter 11

Chapter 12 

Chapter 13