Q: What types of bankruptcy are there?

A: 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).

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