Bankruptcy Chapters

Did you know there are SIX chapters of bankruptcies?

Did you know there are SIX types of bankruptcies? Bankruptcy is one of the oldest laws. Geraci Law is a consumer bankruptcy law firm focusing on individuals needing help with personal debt.

Most common bankruptcy types (also mainly for consumers) are Chapter 7 and Chapter 13. Some resources to read about Chapter 7 and Chapter 13:

But what about the other 4 types of bankruptcies?

Chapter 9

This bankruptcy chapter is for cities, towns, counties, school districts – basically any municipality. The largest Chapter 9 bankruptcy filing was the City of Detroit in 2013. Filing a Chapter 9 bankruptcy protects municipalities from collectors and creditors while the city/school district/town/county creates a plan for their debt.

Chapter 11

You CAN file a Chapter 11 bankruptcy as an individual but so can a business. Similar to a Chapter 13, Chapter 11 is a reorganization of debt. In Chapter 11, an individual can keep operating the business and assets are not sold or auctioned to pay debt (unlike a Chapter 7).

Chapter 12

This is a very specific Chapter to family fisherman and family farmers struggling to pay debt. Like a Chapter 13, a repayment plan is spread out over the course of three to five years.

Chapter 15

This Chapter was added to the United States Bankruptcy Code back in 2005. Basically a debtor who has assets outside of the United States would file a Chapter 15 to cooperate with foreign courts.

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