http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/index.html LawInfo - Legal Resource Center offers free legal forms and free legal documents that is designed to help consumers and businesses resolve their legal issues http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/Federal/what-is-a-chapter-7-bankruptcy-.html Chapter 7 is the liquidation chapter of the Bankruptcy Code. Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. Under Chapter 7, a trustee is appointed to collect and sell all property that is not exempt and to use any proceeds to pay creditors. In the case of an individual, the debtor is allowed to claim certain property exempt. In exchange for this, the debtor gets a discharge, which means that the debtor does not have to pay certain types of debts. Corporations and partnerships do not receive discharges. Consequently, any individuals legally liable for the partnership`s or corporation`s debts will remain liable. Therefore, individual bankruptcies may be required as well as the corporation or partnership bankruptcy. Types of Bankruptcy FAQs Wed, 12 Dec 2007 00:27:35 GMT http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/Federal/what-is-a-chapter-11-bankruptcy-.html Chapter 11 is the reorganization chapter available to businesses and individuals that have substantial assets and/or income to restructure and repay their debts. Creditors vote on whether to accept or reject a plan of reorganization that must be approved by the court. Chapter 11 allows flexibility in structuring the reorganization. Some plans may even release a debtor from ongoing contracts such as a commercial lease or service contract. Because of the flexibility, if you think that you are nearing financial trouble, you should consult with an attorney before you reach a financial crisis. There is no debt limit under Chapter 11. However, only a Chapter 11 debtor that qualifies as a small business may request expedited treatment under Chapter 11. To qualify as a small business, the debtor must be engaged in commercial or business activities, other than the ownership of real property, and the total of its secured plus unsecured debts must be less than $200,000. Due to the expense and complexity of Chapter 11, the decision to file a Chapter 11 petition should be made in consultation with an attorney. In addition to the filing fee paid to the Clerk, a quarterly fee must be paid to the U.S. Trustee in all Chapter 11 cases. Types of Bankruptcy FAQs Wed, 12 Dec 2007 00:25:43 GMT http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/Federal/what-is-a-chapter-13-bankruptcy-.html Chapter 13 is the debt repayment chapter for individuals with regular income whose debts do not exceed $1,000,000 ($250,000 in unsecured debts and $750,000 in secured debts), including individuals who operate businesses as sole proprietorships. It is not available to corporations or partnerships. Chapter 13 generally permits individuals to keep their property by repaying creditors out of their future income. Each Chapter 13 debtor proposes a repayment plan that must be approved by the court. The amounts set forth in the plan must be paid to the Chapter 13 trustee who distributes the funds for a small fee. Many debts that cannot be discharged can still be paid over time in a chapter 13 plan. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts. Types of Bankruptcy FAQs Wed, 14 May 2008 07:20:32 GMT http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/Federal/what-is-a-chapter-12-bankruptcy-.html Chapter 12 offers bankruptcy relief to those who qualify as family farmers. There are debt limitations for Chapter 12, and a certain portion of the debtor`s income must come from the operation of a farming business. Family farmers must propose a plan to repay their creditors over a period of time from future income and the court must approve it. Plan payments are made through a Chapter 12 trustee who also monitors the debtor`s farming operations while the case is pending. Types of Bankruptcy FAQs Wed, 12 Dec 2007 00:28:54 GMT http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/Federal/what-is-a-chapter-9-bankruptcy-.html Chapter 9 is only for municipalities and governmental units, such as schools, water districts, some utility companies and other similar organizations. Types of Bankruptcy FAQs Wed, 12 Dec 2007 00:30:27 GMT http://resources.lawinfo.com/en/Legal-FAQs/Types-of-Bankruptcy/Federal/what-chapter-should-i-file-under.html Your particular circumstances will determine the best chapter for you to file under. Choosing the appropriate chapter is very important. The decision whether to file a bankruptcy and under what chapter is an extremely important decision and should be made only with competent legal advice from an experienced bankruptcy attorney after a review of all of the relevant facts concerning your case. 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