Federal bankruptcy laws are only for companies and firms that wish to file for bankruptcy, individuals cannot go for these options. Chapter 11 and Chapter 7 are the two main categories of federal bankruptcy laws ...

Chapter 7 is one of the bankruptcy laws that can be used to file a petition if the borrower has an excessive amount of debt and has no way to repay it. The law is ...

Chapter 13 is a bankruptcy law under which a petition can be filed by an individual or company. Chapter 13 dictates that the debtors repay the debt amount from their monthly earnings in installments. The ...