Bankruptcy is a remarkable phenomenon. It is financial death and financial rebirth. Bankruptcy laws literally make debts vanish.
Bankruptcy cases are all over the news these days as more and more companies and people are filing for bankruptcy protection. You've probably heard bankruptcy cases described as Chapter 7, Chapter 11, or Chapter 13, but what does that mean? Understanding the types, or chapters, of bankruptcy is an important step in deciding whether bankruptcy is right for you. Chapter 7 bankruptcy is the most common but that does not necessarily mean you should file a Chapter 7 bankruptcy.
This chapter is an overview of the different types of bankruptcy relief you can choose to fit your particular circumstances. But first, take the "Do You Know the Bankruptcy Basics?" quiz to test your knowledge.