Bankruptcy: What to Know About 11 vs. 13

Bankruptcy: What to Know About 11 vs. 13
AP Photo/Elise Amendola, File
Bankruptcy is a legal process, often seen as a last resort for people or businesses, that reduces or eliminates the obligation to pay back certain debts and offers a fresh start. But it can get confusing because different chapters of the bankruptcy code may be applied, depending on whether the debtor is an individual or business and other factors. So you shouldn't feel bad if you don't know the difference between Chapter 7 and Chapter 13 bankruptcy, two options that apply to consumers.
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