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Different Types of Bankruptcy

By:

Bankruptcy Owl Staff

Published: May 10, 2024

Last Updated: May 10, 2024

BANKRUPTCYCHAPTER 7CHAPTER 13CHAPTER 11DEBT RELIEF

A young female baker standing in front of her store on a green background.

Think about Laura, who owns your favorite local bakery. She's always greeted you with a smile and probably thrown in an extra pastry or two for your kids. But behind the scenes, Laura's been hit with a slew of medical bills that came out of nowhere, putting her dream—and her bakery—at risk. This is where bankruptcy could step in, not as a white flag of defeat, but as a practical, strategic move to keep her oven hot and her shelves stocked.

If You Are Short On Time

Bankruptcy is a legal process to eliminate or restructure debts.
Different chapters cater to specific situations: Chapter 7 (liquidation), Chapter 13 (repayment plan), and Chapter 11 (business reorganization).
Consider bankruptcy as a last resort after exhausting other debt relief options.

" Bankruptcy isn't about giving up; it's about getting a handle on things when life throws more at you than you can juggle. "

It's there to stop the endless debt collection calls that spoil your dinner, keep your house from being taken away, and protect your paycheck from disappearing before it even lands in your bank account. Depending on what Laura—or anyone in a tight spot—needs, there are a few types of bankruptcy to consider. Each type has its own way of helping you clear the slate or reorganize what you owe so you can find your footing again.

Whether you're considering wiping the slate clean or just need a little room to maneuver your finances, we'll walk you through the options. Understanding the different types of bankruptcy can help you pick the path that's right for you—like choosing between a steep shortcut or a gentler trail up the mountain.

A lawyer at a desk, with an open book in front of him and a pen in his hand.

Chapter 7 Bankruptcy

In this type of bankruptcy, your non-exempt assets may be sold to pay off your creditors. However, certain assets, such as your primary residence, personal belongings, and retirement accounts, may be exempt from liquidation. After the completion of the Chapter 7 process, most of your remaining unsecured debts, such as credit card balances and medical bills, are discharged, meaning you are no longer legally obligated to pay them.

" Chapter 7 bankruptcy is like pressing the reset button on your finances, wiping out eligible debts so you can start fresh. "

Imagine Laura's situation—the medical bills have piled up, and she's struggling to keep her beloved bakery afloat. With Chapter 7, she could potentially liquidate some non-essential assets to pay off a portion of her debts, while protecting her home and the bakery itself. The remaining eligible debts, like those looming medical bills, could be discharged, giving her the breathing room she needs to get her business back on track.

It's important to note, however, that Chapter 7 bankruptcy can have a significant impact on your credit score, making it more difficult to obtain credit or secure loans in the future. It's a decision that shouldn't be taken lightly, but for those facing insurmountable debt, it can offer a path to financial freedom.

An open book on a desk, with figurines resting on top.

Chapter 13 Bankruptcy

In this type of bankruptcy, you propose a repayment plan to the court, and if it is approved, you make regular payments to a trustee, who then distributes the funds to your creditors. This allows you to catch up on missed payments, such as mortgage or car loans, and keep your property. At the end of the repayment plan, any remaining eligible debts are discharged.

" Chapter 13 bankruptcy is like a financial pit stop, giving you the chance to reorganize your debts and create a manageable repayment plan. "

Let's say Laura's bakery has hit a rough patch, and she's fallen behind on her mortgage and business loan payments. Chapter 13 could be the solution she needs to get back on track. Under this plan, she could propose a reasonable repayment schedule to catch up on her missed payments, while still keeping the keys to her beloved bakery.

The best part? At the end of the repayment period, which typically lasts between three to five years, any remaining eligible debts could be discharged, giving Laura a fresh start without having to sacrifice her business or her dreams. It's a way to take control of your finances while keeping the things that matter most.

A man stretched between two wires in the sky, with dollar bill hanging from the wire.

Chapter 11 Bankruptcy

In a Chapter 11 bankruptcy, the debtor proposes a plan to reorganize their finances and repay creditors over time. This type of bankruptcy allows the business to continue operating while the reorganization plan is being developed and implemented. The goal is to restructure the company's debt and operations to become more financially stable and profitable.

" Chapter 11 bankruptcy is like a strategic timeout for businesses, giving them the chance to regroup, reorganize, and emerge stronger than ever. "

Imagine Laura's bakery has grown into a small empire, with multiple locations and a dedicated team of employees. But a perfect storm of rising costs, supply chain issues, and a shift in consumer trends has left her business drowning in debt. Chapter 11 could be the lifeline she needs to keep her dream alive.

With this type of bankruptcy, Laura could propose a comprehensive reorganization plan to restructure her debts, renegotiate contracts, and streamline operations. All the while, her bakeries could remain open, serving up delicious treats to loyal customers. It's a way to hit the reset button without having to shut down completely, giving her the breathing room she needs to adapt and thrive in a changing market.

Of course, Chapter 11 is a complex process, often reserved for larger businesses with significant assets and debts. But for those willing to roll up their sleeves and do the hard work, it can be the key to transforming a struggling enterprise into a lean, mean, profit-making machine.

A young woman standing in front of a suburban home in the evening.

When to Consider Bankruptcy

Bankruptcy should be considered as a last resort when you have exhausted all other options for debt relief. Some common situations where bankruptcy may be a viable option include:

Overwhelming credit card debt
Inability to pay medical bills
Facing foreclosure or repossession
Excessive debt due to job loss or business failure
Wage garnishment or lawsuits from creditors

" Bankruptcy is a powerful tool, but it should be wielded with care and careful consideration. "

Imagine you're treading water, weighed down by a relentless torrent of debt. The waves just keep crashing, threatening to drag you under. That's when bankruptcy can be the life preserver you need to stay afloat.

Maybe you lost your job during the pandemic, and the bills just kept piling up. Or perhaps a medical emergency left you drowning in a sea of hospital fees. Whatever the cause, when the debt becomes too much to bear, bankruptcy can offer a way out.

Of course, it's not a decision to be made lightly. Bankruptcy can have a lasting impact on your credit score and your ability to secure loans or credit in the future. That's why it's crucial to explore all other options first, such as debt consolidation, negotiating with creditors, or seeking credit counseling.

But when you've exhausted every other avenue and the weight of your debts is simply too much to carry, bankruptcy can be the lifeline you need to regain your financial footing and start fresh.

A man sitting at a desk, composing an email on his laptop.

Need Help with Bankruptcy?

If you're considering bankruptcy, our experienced attorneys can guide you through the process and help you understand your options.

It's important to note that the type of bankruptcy you file for will depend on your specific financial situation, the amount and type of debt you have, and your goals for the bankruptcy process. They can help you understand the pros and cons of each type of bankruptcy and guide you through the process to ensure the best possible outcome for your financial future.

Frequently Asked Questions

What is bankruptcy?

How do I file for bankruptcy?

What are the different types of bankruptcy?

Will bankruptcy eliminate all my debts?

How long does bankruptcy stay on my credit report?

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Privacy Policy

Last updated on June 7, 2023

We adopt this notice to comply with the California Consumer Privacy Act of 2018 (CCPA) and any terms defined in the CCPA have the same meaning when used in this Policy.

Information We Collect

We collect information that identifies, relates to, describes, references, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular consumer, household, or device (“personal information”). Personal information does not include:

Publicly available information from government records.
Deidentified or aggregated consumer information.

Category	Examples	Collected
A. Identifiers	A real name, alias, postal address, unique personal identifier, online identifier, Internet Protocol address, email address, account name, Social Security number, driver’s license number, passport number, or other similar identifiers.	YES
B. Personal information categories listed in the California Customer Records statute (Cal. Civ. Code § 1798.80(e))	A name, signature, Social Security number, physical characteristics or description, address, telephone number, passport number, driver’s license or state identification card number, insurance policy number, education, employment, employment history, bank account number, credit card number, debit card number, or any other financial information, medical information, or health insurance information.	YES
C. Protected classification characteristics under California or federal law	Age (40 years or older), race, color, ancestry, national origin, citizenship, religion or creed, marital status, medical condition, physical or mental disability, sex (including gender, gender identity, gender expression, pregnancy or childbirth and related medical conditions), sexual orientation, veteran or military status, genetic information (including familial genetic information).	YES
D. Commercial information	Records of personal property, products or services purchased, obtained, or considered, or other purchasing or consuming histories or tendencies.	YES
E. Biometric information	Genetic, physiological, behavioral, and biological characteristics, or activity patterns used to extract a template or other identifier or identifying information, such as fingerprints, faceprints, and voiceprints, iris or retina scans, keystroke, gait, or other physical patterns, and sleep, health, or exercise data.	NO
F. Internet or other similar network activity	Browsing history, search history, information on a consumer’s interaction with a website, application, or advertisement.	YES
G. Geolocation data	Physical location or movements.	NO
H. Sensory data	Audio, electronic, visual, thermal, olfactory, or similar information.	NO
I. Professional or employment-related information	Current or past job history or performance evaluations.	NO
J. Non-public education information (per the Family Educational Rights and Privacy Act (20 U.S.C. Section 1232g, 34 C.F.R. Part 99))	Education records directly related to a student maintained by an educational institution or party acting on its behalf, such as grades, transcripts, class lists, student schedules, student identification codes, student financial information, or student disciplinary records.	NO
K. Inferences drawn from other personal information	Profile reflecting a person’s preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes.	NO

We obtain the categories of personal information listed above from the following categories of sources:

Directly from you. For example, from forms you complete or products and services you purchase.
Indirectly from you. For example, from observing your actions on our Website (such as page clicks, times spent, and other automatically collected meta data), and communicating with your web browser and the server that sent you to our Website.
Internet cookies.

Use of Personal Information

We may use or disclose the personal information we collect for one or more of the following purposes:

To fulfill or meet the reason you provided the information, which is primarily for the purpose of matching potential customers with providers of dating services. For example, if you share your name and contact information to request information about a dating website, we will use that personal information to respond to your inquiry and facilitate your introduction to the dating service provider.
To provide, support, personalize, and develop our Website, products, and services.
To create, maintain, customize, and secure your account with us.
To process your requests, purchases, transactions, and payments and prevent transactional fraud.
To provide you with support and to respond to your inquiries, including to investigate and address your concerns and monitor and improve our responses.
To personalize your Website experience and to deliver content and product and service offerings relevant to your interests, including targeted offers and ads through our Website, third-party sites, and via email or text message (with your consent, where required by law).
To help maintain the safety, security, and integrity of our Website, products and services, databases and other technology assets, and business.
For testing, research, analysis, and product development, including to develop and improve our Website, products, and services.
To respond to law enforcement requests and as required by applicable law, court order, or governmental regulations.
As described to you when collecting your personal information or as otherwise set forth in the CCPA.
To evaluate or conduct a merger, divestiture, restructuring, reorganization, dissolution, or other sale or transfer of some or all of our assets, whether as a going concern or as part of bankruptcy, liquidation, or similar proceeding, in which personal information held by us about our Website users is among the assets transferred.

We will not collect additional categories of personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

Sharing Personal Information

We may share your personal information by disclosing it to a third party for a business purpose. We only make these business purpose disclosures under written contracts that describe the purposes, require the recipient to keep the personal information confidential, and prohibit using the disclosed information for any purpose except performing the contract. In the preceding twelve (12) months, Company has disclosed personal information for a business purpose to the categories of third parties indicated in the chart below.

We may also share your personal information by selling it to third parties, subject to your right to opt-out of those sales. Our personal information sales do not include information about individuals we know are under age 16. In the preceding twelve (12) months, Company has not sold any personal information, but we anticipate selling the following categories of personal information to the categories of third parties indicated in the chart below shortly after the Effective Date. For more on your personal information sale rights, see Personal Information Sales Opt-Out and Opt-In Rights.

Personal Information Category	Category of Third-Party Recipients
Personal Information Category	Business Purpose Disclosures	Sales
A: Identifiers	Email service providers Dating and relationship product and service providers	None
B: California Customer Records personal information categories	None	Dating and relationship product and service providers
C: Protected classification characteristics under California or federal law	None	Dating and relationship product and service providers
D: Commercial information	None	Dating and relationship product and service providers
E: Biometric information	None	None
F: Internet or other similar network activity	None	Dating and relationship product and service providers
G: Geolocation data	None	None
H: Sensory data	None	None
I: Professional or employment-related information	None	None
J: Non-public education information	None	None
K: Inferences drawn from other personal information	None	None

Deidentified Patient Information

We do not sell or disclose deidentified patient information exempt from the CCPA to third parties.

Your Rights and Choices

The CCPA provides consumers (California residents) with specific rights regarding their personal information. This section describes your CCPA rights and explains how to exercise those rights.

Right to Know and Data Portability

You have the right to request that we disclose certain information to you about our collection and use of your personal information over the past 12 months (the “right to know”). Once we receive your request and confirm your identity (see Exercising Your Rights to Know or Delete), we will disclose to you:

The categories of personal information we collected about you.
The categories of sources for the personal information we collected about you.
Our business or commercial purpose for collecting or selling that personal information.
The categories of third parties with whom we share that personal information.
If we sold or disclosed your personal information for a business purpose, two separate lists disclosing:
- Sales, identifying the personal information categories that each category of recipient purchased.
- Disclosures for a business purpose, identifying the personal information categories that each category of recipient obtained.
The specific pieces of personal information we collected about you (also called a data portability request).

Right to Delete

You have the right to request that we delete any of your personal information that we collected from you and retained, subject to certain exceptions (the “right to delete”). Once we receive your request and confirm your identity (see Exercising Your Rights to Know or Delete), we will review your request to see if an exception allowing us to retain the information applies. We may deny your deletion request if retaining the information is necessary for us or our service provider(s) to:

Complete the transaction for which we collected the personal information, provide a good or service that you requested, take actions reasonably anticipated within the context of our ongoing business relationship with you, fulfill the terms of a written warranty or product recall conducted in accordance with federal law, or otherwise perform our contract with you.
Detect security incidents, protect against malicious, deceptive, fraudulent, or illegal activity, or prosecute those responsible for such activities.
Debug products to identify and repair errors that impair existing intended functionality.
Exercise free speech, ensure the right of another consumer to exercise their free speech rights, or exercise another right provided for by law.
Comply with the California Electronic Communications Privacy Act (Cal. Penal Code § 1546 et. seq.).
Engage in public or peer-reviewed scientific, historical, or statistical research in the public interest that adheres to all other applicable ethics and privacy laws, when the information’s deletion may likely render impossible or seriously impair the research’s achievement, if you previously provided informed consent.
Enable solely internal uses that are reasonably aligned with consumer expectations based on your relationship with us.
Comply with a legal obligation.
Make other internal and lawful uses of that information that are compatible with the context in which you provided it.

We will delete or deidentify personal information not subject to one of these exceptions from our records and will direct our service providers to take similar action.

Exercising Your Rights to Know or Delete

To exercise your rights to know or delete described above, please submit a request by email at contact@bankruptcyowl.com.

Only you, or someone legally authorized to act on your behalf, may make a request to know or delete related to your personal information.

You may only submit a request to know twice within a 12-month period. Your request to know or delete must:

Provide sufficient information that allows us to reasonably verify you are the person about whom we collected personal information or an authorized representative, which may include: your name, date of birth, email address, and ZIP code.
Describe your request with sufficient detail that allows us to properly understand, evaluate, and respond to it.

We cannot respond to your request or provide you with personal information if we cannot verify your identity or authority to make the request and confirm the personal information relates to you.

You do not need to create an account with us to submit a request to know or delete.

We will only use personal information provided in the request to verify the requestor’s identity or authority to make it.

For instructions on exercising your sale opt-out or opt-in rights, see Personal Information Sales Opt-Out and Opt-In Rights.

Response Timing and Format

We will confirm receipt of your request within ten (10) business days. If you do not receive confirmation within the 10-day timeframe, please email us at contact@bankruptcyowl.com.

We endeavor to substantively respond to a verifiable consumer request within forty-five (45) days of its receipt. If we require more time (up to another 45 days), we will inform you of the reason and extension period in writing.

If you have an account with us, we will deliver our written response to that account. If you do not have an account with us, we will deliver our written response by mail or electronically, at your option.

Any disclosures we provide will only cover the 12-month period preceding our receipt of your request. The response we provide will also explain the reasons we cannot comply with a request, if applicable. For data portability requests, we will select a format to provide your personal information that is readily useable and should allow you to transmit the information from one entity to another entity without hindrance.

We do not charge a fee to process or respond to your verifiable consumer request unless it is excessive, repetitive, or manifestly unfounded. If we determine that the request warrants a fee, we will tell you why we made that decision and provide you with a cost estimate before completing your request.

Personal Information Sales Opt-Out and Opt-In Rights

If you are age 16 or older, you have the right to direct us to not sell your personal information at any time (the “right to opt-out”). We do not sell the personal information of consumers we actually know are less than 16 years old. Consumers who opt-in to personal information sales may opt-out of future sales at any time.

To exercise the right to opt-out, you (or your authorized representative) may submit a request to us by visiting the following Internet Web page link: https://bankruptcyowl.com/do-not-sell-or-share-my-personal-information

Once you make an opt-out request, we will wait at least twelve (12) months before asking you to reauthorize personal information sales. However, you may change your mind and opt back into personal information sales at any time by visiting our website and resubmitting your personal information (for example, by re-taking the online quiz).

You do not need to create an account with us to exercise your opt-out rights. We will only use personal information provided in an opt-out request to review and comply with the request.

Non-Discrimination

We will not discriminate against you for exercising any of your CCPA rights. Unless permitted by the CCPA, we will not:

Deny you goods or services.
Charge you different prices or rates for goods or services, including through granting discounts or other benefits, or imposing penalties.
Provide you a different level or quality of goods or services.
Suggest that you may receive a different price or rate for goods or services or a different level or quality of goods or services.

However, we may offer you certain financial incentives permitted by the CCPA that can result in different prices, rates, or quality levels. Any CCPA-permitted financial incentive we offer will reasonably relate to your personal information’s value and contain written terms that describe the program’s material aspects. Participation in a financial incentive program requires your prior opt-in consent, which you may revoke at any time.

Changes to Our Privacy Policy

We reserve the right to amend this privacy policy at our discretion and at any time. When we make changes to this privacy policy, we will post the updated notice on the Website and update the notice’s effective date. Your continued use of our Website following the posting of changes constitutes your acceptance of such changes.

Contact Information

If you have any questions or comments about this notice, the ways in which we collect and use your information described here, your choices and rights regarding such use, or wish to exercise your rights under California law, please do not hesitate to contact us at contact@bankruptcyowl.com.

If you need to access this Policy in an alternative format due to having a disability, please contact contact@bankruptcyowl.com.

Terms

Privacy

Affiliate Disclosure

Do Not Sell Or Share My Personal Information

PAID ATTORNEY ADVERTISEMENT: This Website is a group advertisement. It is not a lawyer referral service. bankruptcyowl.com is owned and operated by Bankruptcy Owl and is not a law firm. We connect people to legal service providers and there is no charge to be connected with an attorney. You are under no obligation to retain any services of those connected through our website. We try our best to keep things fair and balanced to help you make the best choice for you. This information does not constitute legal or medical advice and it should not be relied upon as such. Results are not guaranteed and past performance is not an indication of future success. Always consult with your doctor before modifying your medication or regular medical regimen.

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