Brian Linnekens discusses the different types of bankruptcy chapters. Chapter 7 provides debt relief by liquidating assets to pay creditors and discharging unsecured debts. Chapter 13 allows individuals to keep assets by creating a repayment plan over 3 to 5 years. Chapter 11 is intended for businesses seeking to reorganize debts while maintaining ownership. Chapter 9 applies only to municipalities seeking protection from creditors. The document advises speaking to a bankruptcy lawyer to determine the best option based on an individual's financial situation and debt obligations.

1. Brian Linnekens gives an insight on
Different Types of Bankruptcy
Bankruptcy is a legal process that reduces debt and gives you a chance to
reorganize your debts. According to Brain Linnekens by filing bankruptcy, you
can easily overcome your bad financial situation. You can pay back your debt
within 7-10 years with repayment plans. Bankruptcy has several types of
chapters but in most cases, people file chapter 7 & 13 because these chapters
are effective and easy to file.
When Chapter 7 Bankruptcy can be an option explains Brian Linnekens
Chapter 7 is very helpful for debtors who are not able to pay back their debt. It
is very useful in those cases where majority of the debt is unsecured because
in chapter 7 bankruptcy some of your property is sold to recover the debt one
has incurred from creditors and in return your unsecured debt will be written
off. Remember everyone does not file chapter 7 bankruptcy. In cases where
the disposable income is enough to file a chapter 13-repayment plan after
subtracting certain allowed expenses and monthly payments for certain debts
you would not be allowed to use chapter 7 bankruptcy.

2. Chapter 9 Bankruptcy as explained by Brian Linnekens
Chapter 9 bankruptcy is designed for “municipalities.” The main purpose of chapter 9 is
to safeguard a municipality from its creditors while it negotiates its debts. According to
chapter 9 bankruptcy a creditor cannot take over the assets of the municipality from the
municipality. Only a municipality can file for relief under chapter 9.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is very complicated and it used for those peoples who are
struggling with their business and want to reorganize their finances. It is generally used
only by those whose debts exceed chapter 13. In this process debtors continuously work
and maintain owner ship of all assets and try to fulfill to pay off creditors. Chapter 11 is
more expensive. Before filing chapter 11 you will need to talk to a bankruptcy lawyer like
Brian Linnekens who will be able advice you professionally based on his experience and
years of learning in the realm of Bankruptcy.
Chapter 12 Bankruptcy
Very few people use chapter 12 bankruptcies. It is specifically for farm owners. According
this chapter the debtor maintains ownership of his assets and works out a repayment
plan with the creditors. Similar to chapter 13, filing under chapter 12 bankruptcy you can
pay back your debt within three to five years.

3. Chapter 13 Bankruptcy
Chapter 13 bankruptcy is one of the most beneficial options for those people who are
struggling with their debts. It is best for those debtors who are behind on secured debts
such as home mortgages and car loans. Chapter 13 bankruptcy gives you a chance to
keep all your assets and you can stop foreclosure with the repayment plan agreed upon
in the Bankruptcy terms and conditions. According to the repayment plan, you can pay
back your debt within three to five years. The time of three to five years can be
increased by the bankruptcy process if you are not able to pay off your debt within three
to five years. Since paying off the debt within a particular time period will depend on
your present income. Chapter 13 will help you to reorganize and reduce your debt. It will
also gives you a chance to create new plans to pay off your debts and gives you more
time to fulfill your financial obligations.
Bankruptcy has provided us many options. If you are thinking of filing bankruptcy then
you need to understand the various bankruptcy options and know which one is suitable
for you. Before filing bankruptcy, you can talk to a bankruptcy lawyer since bankruptcy
law is very complicated and with the help of an attorney you can easily know the
difference between the various bankruptcy chapters. Filing for bankruptcy should be the
last option. Before filing for bankruptcy you should check for other options like loan
modification or loan settlement whichever is possible for you.