Different Types of Bankruptcy Claims
Once your final decision has been made in regards to filing a Bankruptcy Claim, your next most important decision will be as to which type of Bankruptcy Claim to file for. There are generally three different types of Bankruptcy Claims that may be filed. The first is Chapter 7 bankruptcy which the debtors assets will be sold in order to pay off a court determined amount of debt. The next type of Bankruptcy Claim is filing for Chapter 13 bankruptcy. Chapter 13 bankruptcy is where the creditors will come up with a certain payoff amount and allow the debtor to pay the debt off over time. The last type of Bankruptcy Claim is Chapter 11 bankruptcy which is typically used by business and companies that need to file bankruptcy.
