Personal Bankruptcy Basics

Bankruptcy, Bankruptcy Procedure

For individuals (rather than businesses), there are two types of bankruptcy. Chapter 7 bankruptcy allows debtors to wipe out most existing debt, but there are strict income thresholds to qualify. Chapter 13 bankruptcy is a debt repayment agreement for higher-income people, that may or may not result in some of their debt being discharged at the end of the five year repayment plan.  This blog overviews the basics of Chapter 7 personal bankruptcy. Read more>>