Bankruptcy
Chapter 7
Enables the debtor to wipe out debts through the liquidation of non-exempt assets. This is beneficial for debtors who are unable to pay for existing debts.
Chapter 11
Business entities are able to reorganize debt without relinquishing assets.
Chapter 13
Allows the debtor to have a payment plan to eliminate debt over a time span of three to five years. Suitable for debtors who need a customized payment plan with creditors.