Close

What are the different types of bankruptcy?

There are multiple chapters of bankruptcy, but for individuals, for consumers generally, there are two types. There are the most popular. There's Chapter 7, which is straight bankruptcy, where you wipe out all of your debt and don't repay any of your creditors. There is Chapter 13 which is a reorganization where you do pay back a percentage of the debt based on your income and the value of your assets.