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Benefits and Negatives of Bankruptcy

Bankruptcy is briefly defined as a process in which debtor obtains relief from his/her debts through the court. The relief varies in form and it includes full partial discharge of the debt or the nuisance of an imbursement plan consistent with the debtor’s financial means. (Larson, 2000) Types of bankruptcy vary according to its function. One of the most common types of bankruptcy is “Chapter 7” or “Straight Bankruptcy” or “Liquidation. ” This is also known as Personal Bankruptcy. Another is “Chapter 11”, which is primarily used by businesses. There is also “Chapter 13” or “Wage-Earner Bankruptcy. ” Finally, “Chapter 20” bankruptcy is the process of filing of a “Chapter 7” bankruptcy to discharge unsecured debts, followed by “Chapter 13….