A variety of bankruptcies make people confuse. Generally two main types are popular, one is chapter 7 bankruptcy and another is chapter 13 bankruptcy. Here is graphical explanation for people to choose chapter 13 bankruptcy.

1. Find out whether the bankruptcy is the last option for you ?

2. BANKRUPTCY
NO
OUT

4. When to file for Bankruptcy?

5. When you are unable to pay your debts,
you can file bankruptcy

6. Before you file for Bankruptcy you need to
understand which option suits you best ?

7. Two major types of bankruptcy
Chapter 7
bankruptcy immediately wipes
out all your debt.
Chapter 13
bankruptcy wipe out some debt
and remaining
debt you can pay
back over several
years.

8. Who can file Chapter 13 Bankruptcy ?

9. People with regular income
People willing to pay off Debt
People who need time to pay off Debt

11. Things to Consider
Assets and Liabilities
Current income and Expenditures
Executory Contracts
Unexpired Leases

12. Held a Meeting with Creditors

13. Your
Repayment

14. Pay a court filing fees &
other administrative fees

15. Confirmation Hearing

16. Begin making your payments
You can start within 30 days of filing plan

17. Need Further