Bankruptcy News - Personal bankruptcy information provides an overview to bankrutpcy law.
News, statistics, directories of professionals, and information on filing for bankruptcy.
Bankruptcy News - Personal bankruptcy information provides an overview to bankrutpcy law.

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104 Chapter 7 vs. Chapter 13 Bankruptcy

Overdraft Agreements: A Finance Alternative After Bankruptcy!After bankruptcy most of the finance doors get closed and it’s very complicated to obtain funds for those applicants that have a past bankruptcy on their credit report. However, overdraft agreements may constitute an option to start rebuilding your credit.

What Is Chapter 7 BankruptcyChapter 7 of the Bankruptcy Code presides over the process of liquidation under the bankruptcy laws of the United States. (Compared to this, Chapter 11 presides over the process reorganization of a bankruptcy). Chapter 7 is the most common type of bankruptcy in the United States. When an unsuccessful business is deeply in debt and not capable of servicing that debt or payback its creditors, it may file or be forced by its creditors to file for bankruptcy in a federal court under Chapter 7, which refers to liquidation. A Chapter 7 filing means that the business intends to sell all its assets, distribute the earnings to its creditors, and then close down operations. This may or may not mean that all workers will lose their jobs. When a very large company enters Chapter 7 bankruptcy, it may be that complete sectors of the company are sold as a whole to other companies during the liquidation.


Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.

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