personal bankruptcy types
Which type of personal bankruptcy is more common, and what does the type of bankruptcy depend on?
I’d also like some idea of just HOW much more common one is compared to the other. In other words, is it 60%/40%? 95%/5%? etc…
Thanks!
ASSUMING YOU ARE ASKING ABOUT THE USA…
In 2009 Ch 13 bankruptcy filings were about 26% of all personal bankruptcy filings, with Ch 7 making up virtually all the rest.
(source: http://www.creditslips.org/creditslips/2… )
Ch 11 and Ch 12 can also be used by individual debtors, but they are both rare enough not to really impact the national statistics. Ch 11 is for millionaires and Ch 12 is for family farmers and fishermen.
Thus, Ch 7 was by far the most frequently used Chapter of the Federal Bankruptcy Code for consumer bankruptcy filings.
