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10 Common Questions About Bankruptcy

Debt Free Colorado

Do Bankruptcies Come in Different Types? There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. How your debt is handled in bankruptcy will depend on which type you file. These remedies can include garnishing your wages and bank accounts and seizing and selling your non-exempt personal property.