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Bankruptcy Information
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Chapter 7 - Liquidation
The chapter of the Bankruptcy Code providing for
"liquidation," i.e., the sale of a debtor's nonexempt
property and the distribution of the proceeds to creditors. Lawyers
sometimes refer to it as a "straight bankruptcy."
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Chapter 11 - Reorganization
A reorganization bankruptcy, usually involving a corporation or
partnership. A chapter 11 debtor usually proposes a plan of
reorganization to keep its business alive and pay creditors over
time. People in business or individuals can also seek relief in
chapter 11.
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Chapter 12 - Family Farmer
The chapter of the Bankruptcy Code providing for adjustment of debt
of a "family farmer."
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Chapter 13 - Individual Debt
Adjustment
The chapter of the Bankruptcy Code providing for adjustment of debts
of an individual with regular income. Chapter 13 allows a debtor
to keep property and pay debts over time, usually three to five years.
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Discharge in
Bankruptcy
A release of a debtor from personal liability for certain
dischargeable debts.
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Bankruptcy Basics
A Public Information Series of the Bankruptcy Judges Division designed
to provide debtors, creditors, judiciary employees, and the general
public with a basic explanation of bankruptcy and how it works.
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Terminology
Explains many of the legal terms that are used in cases filed under
the Bankruptcy Code.
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