FEDERAL LAW · PRIMARY SOURCE
Bankruptcy Overview — Chapter 7 vs. Chapter 13
Bankruptcy Code · 11 U.S.C. § 101 et seq.
Bankruptcy provides a legal path to discharge or restructure overwhelming debt. Chapter 7 wipes out most unsecured debts; Chapter 13 lets you keep assets and repay over 3–5 years. Filing immediately stops all collection activity.
Primary Statute
Bankruptcy Code
11 U.S.C. § 101 et seq.
Chapter 7 is liquidation bankruptcy where most eligible debts are discharged. Chapter 13 is reorganization bankruptcy where the debtor repays creditors under a 3–5 year court-approved plan. Filing immediately triggers the automatic stay, halting most collection activity.
https://www.law.cornell.edu/uscode/text/11