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→Bankruptcy Code Chapters: add 11 and 13
Chapter 7 bankruptcies are most common in the business realm, whereby a business declares total insolvency and seeks to cease doing business forever.
Chapter 7 bankruptcies are most common in the business realm, whereby a business declares total insolvency and seeks to cease doing business forever.
===Chapter 11===
A '''Chapter 11''' bankruptcy provides for "reorganization" of a debtor's finances.
Chapter 11 bankruptcies are the most common among businesses. Individuals can file under Chapter 11 as well (and must do so if their debts exceed the limits for filing under Chapter 13), but as this option is more expensive and time-consuming, individuals who can use Chapter 13 usually choose that option instead.
===Chapter 13===
A '''Chapter 13''' bankruptcy also provides for reorganization. This chapter is limited to individuals only having debts not exceeding a specified limit.
== Types of bankruptcies==
== Types of bankruptcies==