Chapter 12 - Adjustment of debts of a family farmer
Chapters 7, 11 and 13 are the most common form of bankruptcy.
Under the Bankruptcy Code, individuals, partnerships, and corporations are the only "persons" permitted to file bankruptcy.
Insurance companies, banks, savings and loan associations, and credit unions are specifically prohibited from filing,
and railroads are eligible only for Chapter 11 relief. To be eligible for bankruptcy filing, a person must reside or
have a domicile, a place of business, or property in the United States. Chapter 13 is limited to individuals who owe
less than $269,250 in unsecured debts and $807,750 in secured debts. A secured debt is one in which the creditor has taken
some form of collateral (property) to "secure" the debtor's promise to pay. Common types of secured debts are home
mortgages and car payments. Unsecured debts include any debt which is not secured by property, and include most credit
card and department store bills, student loans, personal loans, and other such debts.
If you are having financial hardship and are considering filling for bankruptcy, please call our office at
(916) 564-9588 for a free confidential bankruptcy consultation.
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