4312 Ludgate Street, Lumberton, NC 28358 | Toll-Free: 800-808-9695 | Local: 910-739-1010 | Fax: 910-739-0922

Law Offices of Bruce F. Jobe, P.A. - Specializing in bankruptcy law, representing individuals and small business in southeastern North Carolina

Law offices of Bruce of Jobe, P.A.

Debtor FAQ's

What are the different types of bankruptcy?

There are four different types of bankruptcy: Chapters 7 and 13 (the most common), and Chapters 11 and 12.

  • Chapter 7: A liquidation-style case for individuals or businesses. This is sometimes referred to as straight bankruptcy.
  • Chapter 13: This is a payment plan, or rehabilitation-style case for individuals with a regular source of income. In this case, a debtor retains his assets, but repays creditors all or part of what is owed over a period of three to five years. This is sometimes referred to as a wage-earner or debt-adjustment plan.
  • Chapter 11: This is a more complex, rehabilitation-style case used primarily by business debtors, but sometimes by individuals with substantial debts and assets.
  • Chapter 12: This is a payment or rehabilitation-style plan for family farmers and fishermen.

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Law Offices of Bruce F. Jobe, P.A.
4312 Ludgate Street
Lumberton, NC 28358
Phone: 910-739-1010