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Types of Bankruptcy

Generally speaking, there are 3 main types of bankruptcy:

Chapter 11: Corporate Reorganization.

Chapter 13: Consumer Reorganization

Chapter 7: Liquidation- both Corporate & Consumer.

Therefore, for most people looking to file for bankruptcy, they file for Chapter 7 in order to discharge some of their unsecured debts.

Look on the left hand collumn for our extensive posts on Chapter 7 & Chapter 13 bankruptcy.

Now you have a good introduction to the different types of bankruptcy.

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