Filing bankruptcy -Crucial Information
http://www.realcase.com Bankruptcy is a process designed by the federal government in an effort to help people, both businesses and consumers, to get rid of their debt. There are several different types of bankruptcy that can be filed. In some cases, debts are paid out of the person or companys assets.
In other types, the debts are reconstructed to help the person or company pay back the debt in a way that they can. Sometimes, they are called liquidations while other times they are referred to as reorganizations. In either case, they are a serious, and financially life changing event that should not be taken lightly.
Chapter 7, 11, 13: What’s With The Numbers?
There are several types of bankruptcy, each defined by a number that is representative of where the item is in the tax code. Here’s a look at the differences in each of these.
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