Types of Bankruptcy
Get a fresh start by cancelling debts and unwanted contracts. Creditors are forbidden by law to attempt to collect debts that have been discharged. (Note: Not all debts are dischargeable.)
Pay a single monthly payment to a trustee, usually as much as you can afford, for 3 to 5 years. At the end, dischargeable debts not paid are cancelled, except long term real estate loans you wish to keep paying.
Business Reorganization Bankruptcy
Restructure debts and cancel unwanted contracts. This chapter is more flexible and complex than Chapter 13. Loans can be rewritten over more than 5 years.
Farmers Reorganization Bankruptcy
Restructuring similar to chapter 11, but designed spefically to meet the needs of farmers and fishermen.