Bankruptcy
ananymous1 Answers
Matt answered 7 years ago
There are different categories of bankruptcies. For individuals, chapter 7 and 13 bankruptcy will apply.
A chapter 7 bankruptcy liquidates all non-exempt assets to pay off creditors.
It’s generally the best option when a person has a large amount of unsecured debt, like medical bills and credit cards, and limited income.
A chapter 13 bankruptcy reorganizes or adjusts your debt using a repayment plan.
A chapter 7 bankruptcy liquidates all non-exempt assets to pay off creditors.
It’s generally the best option when a person has a large amount of unsecured debt, like medical bills and credit cards, and limited income.
A chapter 13 bankruptcy reorganizes or adjusts your debt using a repayment plan.
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