SINGLE SURVIVAL FAMILY AND CONSUMER SCIENCES MRS. SWOPE

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Presentation transcript:

SINGLE SURVIVAL FAMILY AND CONSUMER SCIENCES MRS. SWOPE BANKRUPTCY SINGLE SURVIVAL FAMILY AND CONSUMER SCIENCES MRS. SWOPE

CHAPTER 7 Often called straight bankruptcy or liquidation All unprotected assets are sold to repay the debts Stays on a person’s credit report 10 years Debts that can’t be repaid are dismissed. Exceptions: child support, alimony, student loans, and debts made within 40 days of filing a Chp. 7.

CHAPTER 11 Form of bankruptcy that allows business owners to file a plan for repayment Allows business to remain open, keep inventory, and make business work. Stays on credit report up to 10 years

CHAPTER 13 Individual files a repayment plan with the court Assets are not usually repossessed. Individual makes prompt, regular payments to reduce debt within 5-7 years Stays on credit report 7 years.