Bankruptcy

 

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:

  • Chapter 7: basic liquidation for individuals and businesses;
  • Chapter 9: municipal bankruptcy;
  • Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets;
  • Chapter 12: rehabilitation for family farmers and fishermen;
  • Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income;
  • Chapter 15: ancillary and other international cases. The most common types of personal bankruptcy for individuals are

 

Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11.

 

Law Offices of Joseph J. Voccola, Esq.

454 Broadway
Providence, RI 02909
Phone: 401-751-3900
Fax: 401-751-8983
Email: joevoccola@joevoccolalawoffices.com

Meet Joseph J. Voccola, Esq.

Joseph J. Voccola, Esq. Joseph J. Voccola, Esq. brief bio.
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