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Bankruptcy Terminology

Interviewer: This is a general introduction. It sounds like when people have heard of bankruptcy they use the terminology “chapters.” For corporate bankruptcy what chapters do corporations use and which ones do individuals use?

Adam: Chapter 11 has been probably the most common for any type of entity and then, the most common that I see is either Chapter 7 or Chapter 13 for personal or consumer bankruptcy.

Interviewer: When a person wants to file bankruptcy, they can file either a Chapter 7 bankruptcy or a Chapter 13 almost all the time, is that right?

Adam: Yes, that is correct.

By Adam Hunt

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