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Even if you consider yourself to be a fiscally responsible person, there could come a time when you suffer financial troubles. If credit counseling isn’t enough to pull you out of debt, you may need to settle for bankruptcy.

This video offers a look at the three most commonly filed types of bankruptcy. Chapter 7 liquidation involves the discharge of debts in exchange for certain pieces of non-exempt property. Chapter 13 reorganization allows the debtor to catch up on late payments through a three-to-five-year repayment plan. Chapter 11 bankruptcy is a lot like Chapter 13, but with a higher debt limit.

To learn more about common types of bankruptcy, trust the Aurora bankruptcy attorneys at Cutler & Associates, Ltd.