Chapter 7 - ("Straight Bankruptcy" or "liquidation")
Basic liquidation for individuals and businesses. In this case, the assets of the individual or business filing for bankruptcy are sold (liquidated) to pay off the creditors. These assets may include the filer's home and/or car (but see page 4 for information about the possibility of "exempting," or keeping, your home or car).
Chapter 9 - (Municipal Bankruptcies)
This chapter of bankruptcy is reserved exclusively for cities and towns who cannot pay off their debts.
Chapter 11 - (Substantial Debt Reorganization)
Chapter 11 bankruptcy is reserved for filers with unsecured debts of at least $336,900 or secured debts of at least $1,010,650. Although usually filed by businesses, individuals may also file under chapter 11.
Chapter 12 - (Bankruptcy for Family Farmers and Fishermen)
Chapter 12 bankruptcy may only be filed by family farmers and fishermen. The law offers people or businesses filing under chapter 12 certain benefits not available to those filing under other chapters.
Chapter 13 - (Reorganization)
People filing bankruptcy under chapter 13 are given a plan to repay some of their debt by the court. Although not all their debt is discharged, people filing under chapter 13 are often able to keep more of their assets, such as their home or cars.
Chapter 15 - ("Ancillary and Other Cross Border Cases")
People who also have debts in countries outside of the United States may seek relief under chapter 15.
