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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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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Chapter 7 (Liquidation). Bankruptcy Chapter 7 allows for limitless credit; but, significant gains are not permitted.

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What Happens to Debts When Dissolving a Company?

Debt RR

This means certain types of businesses may have more debt than others, and certain industries may trend higher in a specific category of debt. While not every business will take on debt, many companies leverage debt as part of their financial strategy. Executive directors are also liable for tax obligations in a corporation.