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Consumer Bankruptcy

Module by: Rudy Rival

Summary: Consumer Bankruptcy can be defined as the legal process thorough which individuals who end up in financial trouble are able to work out their debts and pay them under the protection of the bankruptcy court. Learn about the consumer bankruptcy process and types of bankruptcy in this introduction.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy -- This is the most commonly used form of consumer bankruptcy protection. Known in the United States as "liquidation bankruptcy," it provides for a fresh start for people in debt by liquidating their non-exempt assets to pay creditors and discharging the remaining eligible debt.

Chapter 13 Bankruptcy

Chapter13 Bankruptcy -- This form of consumer bankruptcy protection in the United States allows debtors to keep most of their property, and it restructures their debt into a no- or low-interest payment plan.

Personal Bankruptcy Filing Process

Personal Bankruptcy Filing Process -- This is a legal process by which consumers ask the United States Bankruptcy Court to allow them to seek protection under the United States Bankruptcy Code.

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