Bankruptcy is a declared inability of an individual or a firm to pay to their creditors. It is a legal process. Bankruptcy is divided into four types, called chapters. They are as follows:
- Chapter 7 or Liquidation bankruptcy
It is applicable to both individuals and business debtors. In this case the non-exempt property is equally distributed among the creditors to discharge the debt. The business debtors must terminate their business dealings to pay off the debt by liquidating their assets. The court appoints a trustee and it is he who takes care of the discharge. The debtors are allowed to keep the money they earn after filing for bankruptcy. The process takes 4-6 months and costs as little as $200.You need to go to court just once. This legal procedure gives you a clean financial slate from which you can make a fresh start.
- Chapter 13 or Wage earner plan bankruptcy or Reorganization bankruptcy
It is applicable for individuals who have a regular income source. Their debts should not exceed $922,975; for secured debts and your unsecured debts cannot be more than $307,675.The debts cannot be wiped out at one go. It usually takes 3 years, but the court will approve the case only for 5 years. The bankruptcy trustee plans out your debt discharge according to your income .The payments must be made to the trustee.
- Chapter 11
It is available to the business debtors, individuals and partnerships. This is one way to restructure the debts and discharge the same. But you don't need to stop business dealings for this process. It is a very complex process and involves no debt limits like chapter 13 has. But it is used only by business enterprises because the high costs are affordable to them. It is the most flexible too, yet it is not very popular. Any payment plan to discharge the debts needs to be approved by a majority vote from the lenders. This vote value is decided by the amount owed to each lender and other associated factors.
- Chapter 12
It is applicable to those who conform to the definition of 'family farmer' set in the statute. One should not have debts on excess of $1,500,000. Eighty percent of the debts should be through farming operation. This chapter is based on the principles of Chapter 13.The unsecured debts will be discharged within five years but the secured debts which have a tenure exceeding the payment plan period still stand.
Only Chapter 7 and 11 have the option of filing a short tax year federal return.
Other Aspects of Bankruptcy:
- When a person is declared bankrupt, he is discharged of most of the financial obligations.
- A bankruptcy is declared either voluntarily by the debtor or involuntarily by the creditor to whom you owe debt.
- It allows the debtor to resolve his debts through the division of his assets among his creditors.
- The bankruptcy rate is one indicator of the general economic wealth and prosperity of a country.
- High bankruptcy rates may indicate a weakening of the overall economy.
- Bankruptcy leaves a permanent black mark on your credit. So, decide carefully before filing for a bankruptcy.
- It gives a debtor an opportunity to have a fresh start, by eliminating all debts and obligations.
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