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There Are Two Types Of Personal Bankruptcy What Are They
By Matt Clarkson
There are two different types of personal bankruptcy that an individual can file, Chapter 7 & Chapter 13. Chapter 7 allows you to disburse of most or all of your debts at the time of the court ruling. This method, however, has more of a negative impact on your credit rating and will stay with you longer—up to ten years.
People who file Chapter 7 personal bankruptcy are considered to be a much more credit risk then those who file Chapter 13 personal bankruptcy. In a Chapter 13 personal bankruptcy filing you pay off your debts in what is known as reorganization. Through the courts, a court-appointed trustee will determine your new standard of living and how much of your incom...
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