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Called liquidation bankruptcy, Chapter 7 is available to individuals and businesses that cannot repay their debts. In this process, a court-appointed trustee may sell the debtor’s non-exempt assets to pay creditors. Most unsecured debts, such as credit cards or medical bills, are then discharged, giving the filer a fresh start. Chapter 7 cases usually move quickly and are completed within a few months.

Chapter 13 Bankruptcy

Designed for individuals with regular income who want to keep their property while repaying debts over time. Under this plan, the debtor proposes a three- to five-year repayment schedule to pay all or part of what is owed. It is often used to stop foreclosure or repossession and to catch up on missed mortgage or car payments while maintaining ownership of assets.

Chapter 12 (Farmer Bankruptcy)

It functions similarly to Chapter 13 but offers more flexible terms to account for the seasonal and unpredictable nature of agricultural and fishing income. This allows those in these professions to reorganize their finances, continue operating their business, and repay debts over three to five years.

Chapter 7 Bankruptcy