Chapter 11 Bankruptcy: a type that is complex of often filed by companies that want to restructure their debts.
Chapter 12 Bankruptcy: a form of bankruptcy designed for farmers and fishermen. Much like Chapter 13 bankruptcy however with a couple of benefits that are special.
Chapter 13 Bankruptcy: a form of bankruptcy in which the customer need to pay down a number of their debts in the long run. Chapter 13 bankruptcy filing records stick to your credit history for 7 years through the release date or a decade from the filing date if it’s not released. Each account contained in the filing shall stick to your report for 7 years.
Charge-Off: When a creditor or loan provider writes from the stability of a delinquent debt, not any longer anticipating that it is paid back. A charge-off can be referred to as a debt that is bad.