Chapter 7 or 11?

Avatar for cmkristy
iVillage Member
Registered: 07-05-2005
Chapter 7 or 11?
2
Thu, 03-21-2013 - 11:45am

If you're thinking about filing for bankruptcy, make sure you know your options and how to best protect your home and your family. Should you choose Chapter 7 or Chapter 11? Our expert helps you navigate the complicated process.

Filing for Bankruptcy Protection- http://www.ivillage.com/filing-bankruptcy-protection/7-a-223083

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Community Leader
Registered: 07-26-1999
Fri, 03-22-2013 - 5:20pm

I did not listen to the video as I am at work, but Chapter 11 is for businesses, NOT individuals, so unless you are a sole proprietor or an LLC for a business, you can't file chapter 11 as an individual, its either Chapter 7, a total liquidation or a chapter 13, a pay back of sorts.

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iVillage Member
Registered: 03-17-2003
Tue, 03-26-2013 - 8:01pm
As a point of clarification this article has a typo: an individual either files Chapter 7 (straight liquidation) or Chapter 13 (repayment plan that can span up to 5 years). Chapter 11 is for businesses and not individuals. ;-)