Bankruptcy Type Comparison
| Chapter 7 | Chapter 11 | Chapter 12 | Chapter 13 | |
|---|---|---|---|---|
| Type of Bankruptcy | Liquidation | Reorganization | Debt Adjustment for Family Farmers or Fisherman | Debt Adjustment for Individuals |
| Types of Debt | Wipes out most unsecured debt, credit cards, medical bills. | |||
| Residency | Residency, domicile, business, assets in the U.S. | Same | Same | Same |
| Citizenship | U.S. citizenship not required. Must have valid Social Security number or IRS Tax ID number. | Same | Same | Same |
| Credit Counseling | Must be completed within 180 days prior to filing bankruptcy (some exceptions apply). Required for individuals, not corporate entities. | Same | Same | Same |
| Minimum Debts | None | None | Farmers: 50% of non-home-mortgage debt, must be farm-related. Fishermen: 80% of non-home-mortgage must be fishing-related. | None |
| Maximum Debts (Adj Every 3 Years) | None | None | Farmers: $3,792,650 total debt. Fishermen: $1,757,475 total debt. | Unsecured $394,725, Secured $1,184,200 |
| Debtor Status | Individuals or entities, not railroads, banks, or insurance companies. | Individuals, corporate entities, and railroads. | Individuals or corporate entities; must be family farmer or family fisherman. | Individuals Only |
| Income Requirements | Pass income test. | None | Regular annual income and 50% of income from farming/fishing operation. | Regular Income |
| Effect of Dismissal of Prior Bankruptcy | You are ineligible to file bankruptcy if your prior bankruptcy case was dismissed in the prior 180 days due to 1) you failed to appear in court or failed to follow the court's orders or 2) you voluntarily dismissed the prior case after creditors obtained relief from automatic stay. | Same | Same | Same |
| Filing Fees (09/19/2018) | $335 | $1,717 | $275 | $310 |
| Fee Waiver or Installments with Court Approval | May be waived or may be paid in installments up to 90 days. | May be paid in installments up to 90 days. | May be paid in installments up to 45 days. | May be paid in installments up to 45 days. |