You can choose the kind of bankruptcy that best meets your needs (provided
you meet certain qualifications):

Chapter 13 – often called wage-earner bankruptcy, is used primarily by
individual consumers to reorganize their financial affairs under a repayment
plan that must be completed within three or five years. To be eligible for
Chapter 13 relief, a consumer must have regular income and may not have
more than a certain amount of debt, as set forth in the Bankruptcy Code. You
can usually keep your property, but you must earn wages or have some other
source of regular income and you must agree to pay part of your income to
your creditors. The court must approve your repayment plan and your
budget. A trustee is appointed and will collect the payments from you, pay
your creditors, and make sure you live up to the terms of your repayment
plan.

Chapter 11 – This is used mostly by businesses. In chapter 11, you may
continue to operate your business, but your creditors and the court must
approve a plan to repay your debts. There is no trustee unless the judge
decides that one is necessary; if a trustee is appointed, the trustee takes
control of your business and property.

Chapter 7 – Chapter 7 bankruptcy is a liquidation proceeding available to
consumers and businesses. Those assets of a debtor that are not exempt
from creditors are collected and liquidated (reduced to money), and the
proceeds are distributed to creditors. A consumer debtor receives a complete
discharge from debt under Chapter 7, except for certain debts that are
prohibited from discharge by the Bankruptcy Code.

The Pope Law Firm is also a debt relief agency.  We help people seek relief
under the United States Bankruptcy Code.
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