New Bankruptcy Types In The US
There are six kinds of new bankruptcy in the United States. Each is particularly suited to be filed only for particular situations. The following are contained in the United States Bankruptcy Code, located at Title 11of the US Code. We have- Chapter 7: basic liquidation for individuals and businesses; Chapter 9: municipal new bankruptcy; Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but on occasion by individuals with substantial debts and assets; Chapter 12: rehabilitation for family farmers and fishermen; Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; Chapter 15: ancillary and other international cases.
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