Bankruptcy Information

• Chapter 7 - Liquidation
  The chapter of the Bankruptcy Code providing for "liquidation," i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. Lawyers sometimes refer to it as a "straight bankruptcy."
  
  

• Chapter 11 - Reorganization
  A reorganization bankruptcy, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.  People in business or individuals can also seek relief in chapter 11.
  
  

• Chapter 12 - Family Farmer
  The chapter of the Bankruptcy Code providing for adjustment of debt of a "family farmer."
  
  

• Chapter 13 - Individual Debt Adjustment
  The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income.  Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
  
  

• Discharge in Bankruptcy
  A release of a debtor from personal liability for certain dischargeable debts.
  
  

• Bankruptcy Basics
  A Public Information Series of the Bankruptcy Judges Division designed to provide debtors, creditors, judiciary employees, and the general public with a basic explanation of bankruptcy and how it works.
  
  

• Terminology
  Explains many of the legal terms that are used in cases filed under the Bankruptcy Code.