what are the types of bankruptcy for individuals
individuals most often file for chapter 7 or chapter 13 bankruptcy in a chapter 7 bankruptcy many of the filer s assets except certain exempt ones will be sold off by a court appointed trustee after which most of their remaining debts will be discharged in a chapter 13 bankruptcy the person can keep more of their assets but must agree to a court supervised plan to repay their debtors over a certain period often three to five years 3the bottom linejudgment proof is a bit of a misnomer it doesn t protect a debtor from judgments against them but from creditors who attempt to seize their property or garnish their income however debtors should be aware that judgment proof isn t a permanent condition and if their financial situation improves sufficiently they can be required to repay their debt 