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Bankruptcy Types -
Your attorney will help you decide which type (or chapter) is right for you. Below are brief descriptions of each of the different types of bankruptcies:

Common Bankruptcy Definitions

• Bankruptcy – A legal proceeding in federal court in which an individual or company may be released (or “discharged”) from all or a portion of their debts.
• Debtor – The person or company filing bankruptcy.
• Trustee – A person who administers a debtor’s estate. A trustee is always appointed in a chapter 7, 13, or 12 bankruptcy. A trustee may be appointed in a chapter 11 case.
• Creditor – The people or companies to whom a debtor owes money or property. Creditors have claims against the debtor.
• Proof of Claim – A proof of claim is a written statement filed with the court describing the debt that a creditor claims the debtor may owe them.

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