We talk a lot about Chapter 7, Chapter 11, and Chapter 13 bankruptcy because they are the most commonly filed among consumers and businesses. But there are some additional bankruptcy forms that exist: Bankruptcy Chapters 9, 12, and 15. As always, it’s advised that you work with a bankruptcy attorney like a phoenix chapter 7 bankruptcy lawyer or phoenix chapter 11 bankruptcy lawyer if you are considering filing your own bankruptcy.
Bankruptcy 9, 12, and 15
Chapter 9 of the bankruptcy code can be filed by municipalities, including cities, towns, counties, taxing districts, school districts and others.
Chapter 12 of the bankruptcy code can be filed to settle the debts of a family farmer or family fisherman that obtains a regular annual income. This for of bankruptcy allows the family farmer/fisherman to reorganize debts through a re-payment plan, similar to what is created during a Chapter 11 bankruptcy. A debtor in Chapter 12 may continue operations of the farming or commercial fishing business as a debtor-in-possession (DIP).
Chapter 15 was added to the Bankruptcy Code in 2005 with the passage of the Bankruptcy Abuse Prevention and Consumer Protection. This form of bankruptcy allows a foreign debtor or related parties access to U.S. Bankruptcy Court proceedings. This addresses international bankruptcy issues.
Chapter 7 and 13
For the most part, people do not file for Chapters 9, 12, or 15. If you are a debtor considering bankruptcy, you will most likely want to file for Chapter 7 or 13 bankruptcy. Chapter 7 (also known an straight bankruptcy) is the most common form of bankruptcy and is available to consumers and businesses. Chapter 13 reorganizes debt so that you are able to pay back debts over the next three to five years. This pay-back plan is called a debt repayment schedule. Based on your income, and how much you owe, you’ll repay 10-100% of the debt you owe.
Working with a Bankruptcy Attorney
Bankruptcy can be an overwhelming process. That’s why we advise that you work with a phoenix chapter 7 bankruptcy lawyer that is familiar with various debt repayment options. We are committed to helping our clients understand their rights and options under the bankruptcy law and developing the debt relief solution that makes the most sense for each individual. We invite you to call (602) 648-3274 or contact our Arizona office to schedule a free initial consultation.
AZBK Lawyers 668 N. 44th St., Ste 320, Phoenix, AZ 85008 (602) 648-3274