Bankruptcy
Bankruptcy is a process that allows consumers and businesses to repay some or all their debts under the protection of the 
federal bankruptcy court. Bankruptcy is divided into two types; liquidation and reorganization. Andrew E. Bender is your voice on Bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is called liquidation bankruptcy. The trustee may take and sell ("liquidate") some of your property to pay back some of your debt. Certain types of property are exempt (protected) from sale by state law. There are several types of reorganization bankruptcies.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is most commonly Bankruptcy. In Chapter 13 bankruptcy, you keep all your property but must make monthly payments over three to five years to repay all or some of your debt.
Chapter 7 and Chapter 13 bankruptcy have many rules about debts that are covered, who can file, and what property you can and cannot keep.