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There are eight chapters in the Bankruptcy Code. Chapters 1, 3, and 5 explain the rules for the administration of a bankruptcy case. They define the assets and liabilities of a bankruptcy estate, as well as describing the trustee’s duties. Chapters 7, 9, 11, 12, and 13 outline the types of relief a debtor can pursue under federal bankruptcy law. The petitioner is called the “debtor” throughout the federal Bankruptcy Code.
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Chapter 7 vs Chapter 13
The bankruptcy code establishes five different types of bankruptcy cases:
- Chapter 7 is sometimes referred to as “straight bankruptcy” dealing with the liquidation of the debtor’s estate
- Chapter 9 involves adjusting the debts of a city or other municipality
- Chapter 11 involves business reorganizations
- Chapter 12 deals with adjusting debts for family farmers
- Chapter 13 involves adjusting debt for debtors consistant income
The attorneys at Littlefield Law Firm can help you understand how the rules of the Bankruptcy Code might apply to you or your business. Call us today to schedule a consultation.
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