Chapter 7 Bankruptcy allows individuals to discharge unsecured debt like credit cards and medical bills. However, they must also liquidate as many non-exempt assets as possible to free up cash to pay secured debts like mortgages. Non-exempt assets are stocks, bonds, and other valuables which can be sold for profit. In most cases, the petitioner can keep their primary home and car, but they must sell the others if they have multiple vehicles or homes. Discharged debts mean the petitioner no longer has to pay them.

Chapter 11 Bankruptcy was designed for businesses (and sometimes individuals) with large amounts of debt to restructure their debts and formulate a repayment plan. The company is allowed to continue operations while developing a plan. Some options available to the company are downsizing, selling off assets, renegotiating contracts, and finding ways to save, such as switching vendors. During the bankruptcy process, the company is not allowed to expand the business, incur new debts, or sell assets that are not court-approved.

Once a company files for Chapter 11 Bankruptcy, it must submit a reorganization plan within 120 days. The court will review and coordinate with creditors before the business can execute the plan. Businesses that require more time may ask the court for an extension.

Chapter 12 Bankruptcy was explicitly designed for family farms or fishermen with regular income. It allows these farms or fisheries to continue operations while devising a repayment plan and keeping their land, equipment, and other essential assets. They may repay some or all of their debts in the repayment plan.

Only specific individuals qualify to file for Chapter 11 Bankruptcy. If you do not qualify, you can file for Chapter 13 Bankruptcy, which allows you to restructure your debts and develop a repayment plan that lasts 3-5 years. The good news is that with Chapter 13, you are not required to liquidate your assets to free up cash.

To qualify to file for Chapter 13 Bankruptcy, you must have ongoing income and less than $2.75 million in total debts, and they will not be discharged until you complete your repayment plan.

You can sign up for an account with the PACER (Public Access to Court Electronic Records) system to find case files and documents. PACER is a federal court system with more than 1 billion records to search through. You may need some details like the business or person's name or case number, and you must pay a fee when using PACER.

You can also use the VCIS (Voice Case Information System) phone system to call in and ask about specific cases. To access the records of a specific bankruptcy case, you will need specifics like the case name, case number, EIN, or social security number. VCIS is a toll-free system; you can call (866) 222–8029.

In the U.S., bankruptcy courts are split into divisions, with some in each state. There are 90 bankruptcy courts in total. They are a division of the district courts. You can visit these courts to find bankruptcy records in person or visit the district bankruptcy court website and search for records there. You can find a complete list of all U.S. bankruptcy court links on the United States Courts website.

Another option for running a bankruptcy filing search is to use a commercial database or service that sources information from government, public, and private repositories, bringing everything together in one place. You can save a lot of time by searching for companies all over the United States without visiting any offices in person or using multiple websites. Enjoy unmatched convenience while learning dozens of facts about a business that might surprise you.