There are multiple types of bankruptcy such as Chapter 9, Chapter 11, Chapter 12, and Chapter 15.
How are they different? Chapter 9 bankruptcy is a type of bankruptcy for towns and cities. That's what it is designed for. Chapter 11 bankruptcy is a complex form of bankruptcy which is seldom filed by individuals. It is generally filed by corporations or limited liability companies, which reorganizeand continue business operations under the Bankruptcy Court's supervision. The U. S. Supreme Court has ruled that Chapter 11 bankruptcy may also be filed by individuals including spouses filing jointly. However Chapter 11 is rarely the best bankruptcy choice for a non-business.
Chapter 12 bankruptcy is a form of bankruptcy only available to family farmers and commercial fishermen. In this type of bankruptcy, the filer continues the business operations under the Bankruptcy Court's supervision, and receives a discharge of certain debts after completion of a Chapter 12 repayment plan. Chapter 15 bankruptcy is a type of bankruptcy for corporations which have debts in foreign countries as well as the United States.
For additional resources see:
http://www.youtube.com/bankruptcylawstl - YouTube
http://www.twitter.com/frankledbetter - Twitter
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