Bankruptcy Filing Tips

can someone give brief, plain language descriptions of Chapters 7,9, 11, 13, etc.Bankruptcies? Differences?

CAAN SOMEONE GIVE ME BRIEF, PLAIN LANGUAGE DESCRIPTIONS OF, AND DIFFERENCES BETWEEN CHAPTERS 3,7,9,11, AND 13 BANKRUPTCIES? JUST GENERAL, EDUCATIONAL INFORMATION PLEASE!!!!

Yes.

“Chapter 7: Liquidation
Chapter 7, Title 11, United States Code
Liquidation under a Chapter 7 filing is the most common form of bankruptcy. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Because each state allows for debtors to keep essential property, most Chapter 7 cases are “no asset” cases, meaning the debtor keeps all his or her property.

Chapter 9: Reorganization for municipalities
Chapter 9, Title 11, United States Code
A Chapter 9 bankruptcy is available only to municipalities. Chapter 9 is a form of reorganization, not liquidation. A famous example of a municipal bankruptcy was in Orange County, California.

Chapters 11, 12, and 13: Reorganization
Chapter 11, Title 11, United States Code, Chapter 12, Title 11, United States Code, and Chapter 13, Title 11, United States Code

Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.

Chapter 12: Reorganization for Family farmers / fishers
Chapter 12 is similar to Chapter 13 but is available only to “family farmers” and “family fisherman” in certain situations. As recently as mid-2004 Chapter 12 was scheduled to expire, but in late 2004 it was renewed and made permanent.

Chapter 15: Cross-border insolvency
Chapter 15, Title 11, United States Code
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 added Chapter 15 (as a replacement for section 304) and deals with cross-border insolvency: foreign companies with U.S. debts.”

Source:

http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States

Legal Reading

http://www.law.cornell.edu/uscode/11/usc_sup_01_11.html

What is Chapter 11 Bankruptcy (Part 2)

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