Chapter 7 bankruptcy is a type of personal bankruptcy protection which can help struggling consumers get out of debt. Living with overwhelming debt can be stressful which is why struggling consumers should be familiar with the personal bankruptcy protection options available to them to help them overcome crushing debt.
Chapter 11 bankruptcy is designed to help struggling businesses become successful once more. A company that owns several restaurants in the Raleigh area recently filed for Chapter 11 bankruptcy protection. The restauranteur currently owns 4 restaurants in the area and used to own others. According to the court filing, the restaurant owner has assets totaling $1.1 million but owes $2.57 million in debts. Court records show that the restaurant owner owes money to a bank, a realty company and in taxes.