What are the different types of bankruptcy?

There are two very common types of bankruptcy that individuals file, Chapter 7 and Chapter 13. Chapter 7 is commonly known as the “fresh start” chapter, because that’s its main purpose – to provide people with a fresh start. This is the most common type of bankruptcy that is filed. It gets rid of most, if not all, of the filer’s unsecured debts. Chapter 13 bankruptcy is an option that creates a 3 to 5-year repayment plan that is commonly filed when an individual doesn’t qualify for Chapter 7. It would benefit you greatly to consult with an experienced attorney to decide whether you should file for Chapter 7 or Chapter 13 bankruptcy. Once we meet, we can explain all of your options to you, because everyone’s situations are different.