I’ve been through it and the attorneys involved stated up front, no individual can apply for “Chapter 11” bankruptcy, and then they proceeded to give me the current literature about state law. Maybe it’s differerent from state to state, but where I live individuals are not allowed to file for Chapter 11 bankruptcy.
Everyone I’ve talked to that went through what I did was required to file for Chapter 7 bankruptcy instead. And yes it did tank my credit, until I paid off the bankruptcy and had it discharged. Then suddenly I was getting notices about “preapproval for credit” once again (which I totally disregard, I’m not going through all that again!).
I’ve been through it and the attorneys involved stated up front, no individual can apply for “Chapter 11” bankruptcy, and then they proceeded to give me the current literature about state law. Maybe it’s differerent from state to state, but where I live individuals are not allowed to file for Chapter 11 bankruptcy.
Everyone I’ve talked to that went through what I did was required to file for Chapter 7 bankruptcy instead. And yes it did tank my credit, until I paid off the bankruptcy and had it discharged. Then suddenly I was getting notices about “preapproval for credit” once again (which I totally disregard, I’m not going through all that again!).
It does not vary by state. Usually 7 or 13 are better/faster for individuals - but there’s no reason you can’t.
https://www.debt.org/bankruptcy/chapter-11/