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Debt Relief:Definitions: Difference between revisions
→Bankruptcy
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The two most common types of bankruptcy filed by individuals and businesses are: Chapter 7 bankruptcy and Chapter 13 bankruptcy. | The two most common types of bankruptcy filed by individuals and businesses are: Chapter 7 bankruptcy and Chapter 13 bankruptcy. | ||
*'''Chapter 7'''-involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. | |||
*'''Chapter 13'''-is a court-ordered and approved repayment plan to your creditors. | *'''Chapter 7 bankruptcy'''-involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. | ||
*'''Chapter 13 bankruptcy'''-is a court-ordered and approved repayment plan to your creditors. | |||
===Consolidation=== | ===Consolidation=== | ||