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Bankruptcy is a legal process by which individuals or businesses that cannot pay their debts can seek the assistance of the court in getting a fresh start. There are different types or "chapters" of bankruptcy including Chapter 7, Chapter 11, Chapter 12, and Chapter 13. Special bankruptcy judges preside over these proceedings. Because it is a federal law, it applies throughout the United States.

Bankruptcy law provides for several different types of bankruptcy, called chapters, because the various provisions that govern them are contained in different chapters of the Bankruptcy Code.

Chapter 7 Bankruptcy is the most common form of bankruptcy. It is a liquidation proceeding in which the debtor's non-exempt assets are sold by a trustee and the proceeds are distributed to creditors

A Chapter 11 is a reorganization proceeding typically for corporations or partnerships. The debtor usually remains in possession of his assets and continues to operate any business; subject to the oversight of the court and the creditors committee. In reality, however, the conventional meaning of the term "bankruptcy" does not apply to Chapter 11.

Chapter 13 is a repayment plan for individuals with regular income and debt less than designated amounts. The Chapter 11 reorganization proceeding is typically for corporations or partnerships. It makes regular payments to a trustee out of future income over about a 3 to 5 year period. Chapter 13 is called a "Wage Earner Bankruptcy"

A Chapter 12 Bankruptcy is similar to Chapter 13, but it is used for family farmers.

BostonRealEstate.com bankruptcy information is gathered and updated daily, and covers all types of commercial bankruptcies (Chapter 7, 11, 12, and 13.) Bankruptcy filings will appear in our database within 72 hours of filing.