What are the different bankruptcy chapters and can you explain them?
Jan Meriss Alfonso Assistant at Ascent Law LLC What Are the Different Bankruptcy Chapters? There are several different types of bankruptcy. Chapter 7 is the most common, but there are others, including Chapter 15 and liquidation. If you are considering filing for bankruptcy, you should know what each chapter entails. Chapter 7 is a personal bankruptcy that requires you to give creditors a copy of your financial statements. Chapter 15 bankruptcy Chapter 15 bankruptcy is a part of Title 11 of the United States Code and deals with jurisdiction in certain bankruptcy cases. It enables corporations based outside of the United States to file for bankruptcy in U.S. courts. In many cases, Chapter 15 can make the process much simpler, but it's important to know the facts before filing. If you're unfamiliar with the law, read on to learn about some of the details. Cross-border bankruptcy cases involving foreign businesses are expected to increase by about a third by 2021, and they'r...