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Bankruptcy is a legal process that allows individuals, businesses, and other organizations to discharge or restructure their debts.
The most common types of bankruptcy are Chapter 7, Chapter 13, and Chapter 11. Chapter 7 is for individuals and businesses with little to no assets. Chapter 13 is for individuals with a steady income who want to restructure their debt. Chapter 11 is for businesses and individuals with a significant amount of debt.
Not necessarily. Chapter 7 bankruptcy may require the liquidation of some assets to pay off creditors. However, some assets, such as your primary residence, may be exempt. Chapter 13 bankruptcy allows you to keep your assets while paying off your debts over a period of time.
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