BANKRUPTCY RESOURCE CENTER
Affordable, Professional Chapter 7 Bankruptcy Documents
Prepared by Arizona Certified Legal Document Preparers
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What are the different types of bankruptcies? According to the US Bankruptcy Court website, there are six types of bankruptcies. Bankruptcy Resource Center only prepares personal Chapter 7 bankruptcy documents:
Chapter 7: Often called the 'liquidation chapter,' Chapter 7 is used by individuals, partnerships, or corporations who have no hope for repairing their financial situation. It is sometimes referred to as a “full or complete discharge”.
Chapter 9: Chapter 9 is available only to municipalities, and is a form of reorganization, not liquidation.
Chapter 11: Often called the 'reorganization chapter, Chapter 11 allows corporations, partnerships, and individuals to reorganize, without having to liquidate all assets. In filing a Chapter 11, the debtor presents a plan to creditors which, if accepted by the creditors and approved by the Court, will allow the debtor to reorganize personal, financial or business affairs and again become a financially productive individual or business.
Chapter 12: Chapter 12 is a reorganization bankruptcy and is similar to Chapter 13, but is available only to "Family Farmers" and "Family Fishermen."
Chapter 13: An individual with a regular income who is overcome by debts, but believes such debt can be repaid within a reasonable period of time, may file under Chapter 13 of the Bankruptcy Code. Chapter 13 permits the debtor to file a plan in which the debtor agrees to pay a certain percentage of future income to the Bankruptcy Court for payment to creditors. If the Court approves the plan, the debtor will be under the Court's protection while repaying such debts.
Chapter 15: Chapter 15 is a reorganization bankruptcy and deals specifically with cross-border insolvency: foreign companies with debts in the United States.