Is Chapter 12 Bankruptcy for Consumers?
If you are considering consumer bankruptcy , you have probably done some research into your options. You may know that most people who file for personal bankruptcy will file either for Chapter 7 bankruptcy or Chapter 13 bankruptcy. In some situations in which a consumer does not qualify for Chapter 13 bankruptcy because of too much debt, that individual may file for Chapter 11 bankruptcy. Yet if you have been reading about liquidation and reorganization bankruptcy types, you may have come across information about Chapter 12 bankruptcy . Is Chapter 12 bankruptcy ever intended for consumers? In short, Chapter 12 bankruptcy is a specific type of bankruptcy that is not available to most consumers. However, we want to provide you with more information about it, and to clarify when and why Illinois residents may seek bankruptcy protection under Chapter 12. What is Chapter 12 Bankruptcy? You may have heard that individuals in Illinois are filing for Chapter 12 bankruptcy, and that it cost...