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How Will I Know Which Chapter to File? Chapter 7, 11, or 13 Bankruptcy?


With so much misinformation and myths about bankruptcy floating around, it is no wonder people are so confused. Some of our clients come to us feeling overwhelmed by bankruptcy before they’ve even begun the process. Here at the Law Offices of Barbara B. Braziel we strive to make the process smooth for you, and easy to understand.

We will explain the different chapters of bankruptcy and how filing will affect you and your family. When we meet for a free consultation we will go over the pros and cons of the various chapters and help you determine which chapter is best for you.

The “chapters” come from the United States Bankruptcy Code, and the numbers represent the code sections. In a nutshell: Chapter 11 is designed for businesses, and Chapters 7 and 13 are designed for individuals and families.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is for businesses, including corporations and partnerships. This chapter allows businesses to create a repayment plan to pay back their debts over time. The goal is to get the business solvent and prevent it from shutting down.

In the aftermath of the great recession, a number of huge corporations sought Chapter 11 protection. The list included Chrysler filing for Chapter 11 bankruptcy in 2009 and American Airlines filing in 2012. If you’re interested in learning more about business bankruptcy, Business Insider compiled an interesting review of The 11 Largest Bankruptcies In American History.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy erases credit card debts, medical bills, and other unsecured debts. It is the most common form of bankruptcy for an individual or married couple. Chapter 7 is also the simplest and quickest form of bankruptcy, with the entire process generally taking only four to six months to complete. Most people get to keep most or all of their belongings through the bankruptcy.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is similar to Chapter 11 but is designed for people instead of businesses. Chapter 13 allows a debtor to create a three to five-year repayment plan to pay back some or all of their debts.

Both Chapters 7 and 13 are powerful tools to help people solve debt problems. Chapter 13 offers the added benefits of allowing debtors to catch up on missed mortgage payments, missed car payments, and missed spousal or child support payments.

To better understand Chapters 7 and 13, read our article The Differences Between Chapter 7 and Chapter 13 Bankruptcy.

If you live in Savannah, GA or the surrounding areas and have more questions about the various chapters of bankruptcy, let’s meet for a free consultation. Please reach out to us at (833) 522-1069 or contact us by filling out this simple web form.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

The post How Will I Know Which Chapter to File? Chapter 7, 11, or 13 Bankruptcy? appeared first on Braziel Law.

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