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Different chapters of bankruptcy?

Different chapters of bankruptcy?

Old Mar 28th 2007, 3:15 am
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Default Different chapters of bankruptcy?

http://britishexpats.com/forum/showp...&postcount=355

snowbunny's post on the different chapters...just curious, because I'm to lazy to google it, but what's the big difference between them all? And which one's affect people and corporations?
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Old Mar 28th 2007, 3:29 am
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Default Re: Different chapters of bankruptcy?

http://www.uscourts.gov/bankruptcyco.../chapter7.html
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Old Mar 28th 2007, 3:19 pm
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Default Re: Different chapters of bankruptcy?

I was hoping to avoid reading through that many blocks of text and wanted a simple bullet point on what each chapter was for...yeah, i'm lazy like that
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Old Mar 28th 2007, 3:28 pm
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Default Re: Different chapters of bankruptcy?

7 and 13 affect people

13 has a court plan where you pay an arranged fee to a trustee who then distributes - if you break the plan/order they come after you

7 is less formal

This is VERY high level!!
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Old Mar 28th 2007, 4:13 pm
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Default Re: Different chapters of bankruptcy?

and thinking of it, I wonder if that company called chapter 11 is still in business...hmmm
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