When you're in debt you know that bankruptcy is an option to end your bill problems. What many people do not know, however, is that there are different types of bankruptcy for different situations. The types that are primarily used by individuals (including husband-and-wife filers) are:
Chapter 7 Bankruptcy: Chapter 7, also called "straight bankruptcy," is the most common form of relief under the Code. Under Chapter 7, you receive a discharge of most types of debts in exchange for surrendering certain assets that are generally not protected by federal and/or state laws. Most Chapter 7 bankruptcy cases are considered "no asset," which means that the person who has filed will not be forced to surrender any assets in exchange for their discharge.
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Chapter 13 Bankruptcy: Chapter 13, also called "wage earner bankruptcy," allows you to repay certain debts over a period of 3-5 years in exchange for keeping all of your assets - even those that would not be protected in Chapter 7. For the most part, you will file a Chapter 13 to repay past due mortgage amounts, past due car payments, and tax debts that would not be wiped out in Chapter 7.
Chapter 11 Bankruptcy: Chapter 11 is used primarily by businesses, but can also be used by individuals who have too much debt to qualify for Chapter 13. Under Chapter 11 you will repay all or a portion of your debts subject to approval by your creditors and the court. It is used very infrequently by consumers, but is proving to be a more valuable tool than in the past for people with high debt loads.
Chapter 12 Bankruptcy: Chapter 12 is very much akin to Chapter 13, but is used by family farmers only.
Given the broad range of options for getting out of debt using the bankruptcy laws, it is clear that this is not a "one size fits all" solution. Your decision on which type of case to file must be made in conjunction with a detailed discussion with an experienced consumer bankruptcy lawyer in your area.
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