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What are the 3 most common types of bankruptcies filed in the us every year?
Wiki User
∙ 13y ago
Chapter 7 is the most common form of bankruptcy being filed by consumers and businesses. Under Chapter 7, you may eliminate most of your debt including credit card bills and loans through liquidation of assets, however, most consumers end up debt without the loss of their home or other valuables.
Chapter 11 is usually filed by businesses than individual people due to the high costs that surround it. By filing for Chapter 11, a business is allowed to re-organize, strike deals with creditors, and liquidate assets.
Chapter 13 appeals to both business and consumers and unlike Chapter 7 which eliminates the debt, Chapter 13 requires you to create a re-payment plan. If you were unable to repay all debts in the given time of 3-5 years, you may be allowed to restructure the filing to a Chapter 7 filing.
Wiki User
∙ 13y ago
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