
Due to increased government benefits, moratoriums on evictions, and certain government incentives to ease financial pressures in many households in 2021, total new bankruptcy filings across all chapters were 24.2% lower than in 2020.
Nonetheless, bankruptcy continues to be a complex legal proceeding involving a person or business that is unable to repay its outstanding debts.
What Are the Types of Bankruptcies?
Chapter 7: Liquidation
A Chapter 7 bankruptcy deals with cases also known as “no-asset cases” because there may not be an actual liquidation of the entire debtor’s assets. To qualify for a Chapter 7 bankruptcy, a debtor
Continue Reading Types of Bankruptcies