At long
last, the end of the series!

The two
sections of the bankruptcy code that apply to personal bankruptcies are chapter
7 and chapter 13. As with business bankruptcies, chapter 7 for personal
bankruptcies is a process of liquidation and seeks include all non-exempt
assets of the petitioner in the bankruptcy estate in order to liquidate them to
pay off debts. Chapter 13, on the other hand, seeks to reorganize the debt of a
petitioner pursuant to a payment plan, which typically last from 3 to 5 years.