Tipos de quiebra personal
When it comes to individuals, as opposed to companies, there are two common types of bankruptcy: Chapter 7 and Chapter 13. Below is a brief description of how each kind works:
Chapter 7
This kind of bankruptcy essentially liquidates your assets in order to pay your creditors. Some assets-- usually including part of the equity in your home and vehicle, personal items, clothing, tools needed for your employment, pensions, Social Security, and any other public benefits-- are exempt, meaning you get to keep them.
However your remaining, non-exempt assets will be sold off by a trustee assigned by the bankruptcy court and the proceeds will then be distributed to your lenders. Non-exempt assets can consist of property (apart from your primary residence), recreational vehicles, boats, a second vehicle or truck, collectibles or various other valuable items, bank accounts, and investment accounts.
At the end of the procedure, the majority of your debts will be absolved and you will no longer be under any responsibility to pay off them. However, certain debts, like student loans, child support, and taxes, can not be dismissed.4 Chapter 7 is generally chosen by individuals with lower income and few assets.
Chapter 13
In this type of bankruptcy, you are permitted to keep your assets, but have to agree to pay back your debts over a given period of three to five years. The trustee collects your repayments and distributes them to creditors. Chapter 13 bankruptcy is typically chosen by consumers that wish to retain their non-exempt property intact or buy time against repossessions or property seizures.
