You file bankruptcy most likely under Chapter 7 or 13, or possibly 11. Ch. 12 is for farmers and fisherman, Ch. 9 for governmental entities.
Bankruptcy empowers you with options, including “straight bankruptcy” vs. an “adjustment of debts,” and options about creditors in each.
Chapter 11 is a powerful way to address a business debt crisis, but because of its detriments must be used extremely selectively.
There are special considerations if you filed bankruptcy before your divorce and now need to think about filing another one.
Everything about bankruptcy revolves around its Chapters.
You can file a new case 8 years after filing before (so, now or very soon), or possibly only 6 or 4 or 2 years after, or maybe even with no delay.
Each spouse in a marriage with significant tax debt has his or her self-interest, which may need a different solution than the other spouse.
Question #1 for cleaning up financially after a failed business: can the business file a bankruptcy without you? Question #2: should it?
Too much debt can disqualify you from filing under Chapter 13.
If you don’t qualify for either Chapter 7 or 13, do you have to do a very expensive Chapter 11 reorganization? Or could you still qualify after all?