What is bankruptcy?
Bankruptcy is a proceeding in the federal bankruptcy court system by which individuals and businesses who owe money (debtors) are able to eliminate or reduce debts owed to other individuals and businesses (creditors).
What are the different types of bankruptcy?
Federal law provides for different types of bankruptcies, such as personal consumer bankruptcies, business reorganizations, farm bankruptcies and even bankruptcy proceedings for a county or city government. They are known by the numbers of the chapters in the federal regulations that govern the proceedings. Most Chapter 7 and Chapter 13 bankruptcies are filed by individual consumers. Chapter 11 is for a business reorganization and Chapter 12 is used by farming businesses.
The experienced attorneys at the Hanson Law Office handle all kinds of individual consumer and business bankruptcies under all four chapters. The following information focuses on the most common forms of bankruptcy: Chapter 7 and Chapter 13.
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