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Comparing Consumer & Business Bankruptcies

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Part of the video series: Bankruptcy Questions

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Summary: Consumer and business bankruptcy cases are similar with regard to the discharge of debt, yet they vary when it comes to re-organizational process. Learn about the complex and expensive process of filing bankruptcy as either a consumer or business with information from a lawyer in this free video on bankruptcy.

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By Andy Forman
eHow Presenter

Andy Forman, Attorney at Law, has been in bankruptcy representation for over two decades and has lead council in over 3,000 bankruptcy cases. Forman is a member of the Florida Bar and...read more

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"Well you're wondering what's the difference between a consumer bankruptcy and a business bankruptcy? My name is Andy Forman, I'm a consumer and business bankruptcy lawyer in Tampa, Florida and I answer questions like that for people everyday. A business bankruptcy and a consumer bankruptcy are similar in that each chapter is the same. When a business files a chapter seven the end result is essentially the same, it involves a discharge of debt. When a consumer files a chapter seven the end result again is the same, a discharge of debt. When it comes to re-organizational bankruptcies there are differences. Consumers typically file chapter thirteen re-organizations but businesses that are corporations, partnerships, or LLC are not eligible for chapter thirteen and the businesses are typically reorganized in the context of a chapter eleven. Chapter eleven is a complex business reorganization that's extremely expensive and very, very long winded with lots of paperwork, and you'll need to consult with counseling to determine whether you need to do a consumer bankruptcy or business bankruptcy or both. My name is Andy Forman, good luck with your bankruptcy."

eHow Article: Comparing Consumer & Business Bankruptcies