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Understanding the Different Chapters of Bankruptcy Relief

Even though the economy is showing some signs of improvement, many individuals, families and businesses are still struggling to make ends meet. Although few consider it their first choice, bankruptcy may be the right choice for you to get a “fresh start.” There are five different types of bankruptcy. Each kind of bankruptcy is referred to by a ‘chapter’ and a short explanation of these bankruptcy chapters follows. For individuals and families, there are generally two types of bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, a trustee is appointed by the […]