Chapter 13 Bankruptcy - Legal Services Classified Ads in Boston
Chapter 13 Bankruptcy
Bankruptcy as described earlier is a legal process where one is declared unable to repay their debt obligations and can be voluntary by the afflicted party or involuntary by the action of the creditors. Bankruptcy takes two forms one is a liquidation bankruptcy while the other is a reorganization bankruptcy. The former applies to both the persons and corporations, nonetheless there exists a distinguishing feature that is the fact that after a chapter 7 filing the company ceases to exist while a person obtains discharge from the debts with the exemptions of debts arising from alimony/child support and/or student loans if they didn?t proof undue burden. When it comes to the reorganization bankruptcy, corporations or businesses file for chapter 11 bankruptcy while individuals file Chapter 13 bankruptcy.