Jurisdictions allow individuals to declare their bankruptcy through a procedure called personal bankruptcy. That simply means that you cannot afford to pay your debts any longer and requires removal of any such obligation by giving up control of your financial assets. You can either do it through a debtors’ petition (doing it yourself) or through a creditors’ petition (someone who you owe money can do so).
chapter 13 personal bankruptcy
Chapter 13 bankruptcy is meant for people with regular incomes. Chapter 13 bankruptcy law involves charting out a repayment schedule for the debtor in order to make it possible for the debtor to repay the debt over a 3-5 year period.