There are two main types of Bankruptcy. Consumers usually file Chapter 7 "liquidation" or Chapter 13 "reorganization" bankruptcies. In practice, most persons considering Chapter 7 only own property exempt from liquidation under the law and most of their debt is cancelled (discharged) without actually losing any of their property. Under Chapter 13 bankruptcy, the debtor repays certain debts over time (from three to five years).
To find out which may work best for you contact the Hurst Law Firm at 901-725-1000.
