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Bankruptcy is a petition made by an individual or an organization when it can no longer perform its obligations to creditors. The claim is usually filed in a bankruptcy court where it will be examined before the judge will release an order protecting the petitioner. In this period, an estate will be created and a trustee is appointed to oversee the administration of the case. In this period, the debtor will be allowed to recuperate so it can pay its creditors. The plan will depend on the type of bankruptcy petition.

Bankruptcy Petitions Available for Individuals or Organization There are 3 types of bankruptcy protections which an individual or organization can file when it can no longer repay debts.

Chapter 7 Chapter 7 is known as “straight bankruptcy.” This petition is available to both individuals and businesses. In this chapter, the assets are gathered to be liquidated and the proceeds will be given to the creditors to clear the debtor’s obligations. For businesses or large companies, operations will cease (unless continued by the trustee) while the trustee will assess the business affairs. The trustee will also sell the assets and the proceeds will be given to the creditors.

Chapter 7 is also available to individuals who can no longer pay its creditors. The process is the same but the person can keep certain assets. Non-exempt properties will be sold and proceeds will be distributed to creditors while unsecured debts will be discharged. However, discharge of unsecured debts is not absolute because some will remain like child and spousal support, taxes, and student loans to name a few.

Chapter 11 This petition is popular among businesses and corporations since the aim of the petition is for reorganization. In this chapter the organization will keep most or some of its assets for a period of time while it will come up with a plan to pay its creditors.

Chapter 13 Chapter 13 is a reorganization plan similar to chapter 11 available for businesses but in this petition, income-receiving debtors will be allowed rehabilitation as long as they fulfill a court-approved plan. In this chapter, part of the wage of the individual will be given to the chapter 13 trustee who in return will manage a plan to pay the creditors.