Chapter 13 Bankruptcy Overview
Chapter 13 Bankruptcy is also known as a “wage earners” or “reorganization” bankruptcy. This is because Chapter 13 clients will pay back some or all of their debts and will only liquidate if contemplated by the plan and allowed by the Court. Chapter 13 is the main type of consumer reorganization bankruptcy used. Chapter 11 can be used as a consumer reorganization bankruptcy, but typically, Chapter 11 is only selected as a consumer reorganization if a client does not meet the qualifications for a Chapter 12 or Chapter 13. Chapter 12 Bankruptcy is a consumer reorganization bankruptcy for family farmers or family fisherman.
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