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BANKRUPTCY LAW: Chapter 7: Also known as pure bankruptcy or liquidation. Chapter 13: A work out or court supervised restructuring of debt for individuals within certain limited financial parameters. Creditors must paid at least the same or more than they would receive under a Chapter 7. Such plans may not extend over more than 5 years. Chapter 11: A court supervised work out where the business or individual establishes a pay out plan to remain in business. Chapter 12: Bankruptcy plans for farmers. Bankruptcy laws also protect creditors. If someone you, or someone you know is owed money by a bankrupt individual or business they should consult a competent bankruptcy to attorney to determine what they may do to protect their financial interest through filing notices of claim, objecting to a discharge or an adversary proceeding.
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