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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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    Bankruptcy filings in Wisconsin rose 16% during the first half of this year, an increase lawyers say was driven largely by consumers and small-business operators who couldn't find enough work in the slow economy to keep up with their debts. Read More ...

    Bankruptcy in Connecticut Increases By 24%
    During the first half of 2010, bankruptcy filings for individuals in Connecticut jumped by 24 percent compared to a year ago. In fact, personal bankruptcies accounted for 89 percent of all bankruptcies tracked by the Warren Group, a real estate data firm in Boston, from January to June. Read More ...

 
 
 
 
 

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