Expert Bankruptcy Law Services

Chapter 5 bankruptcy" is not a formally recognized chapter in the US Bankruptcy Code; instead, it typically refers to "Subchapter V" within Chapter 11, which is a streamlined bankruptcy process specifically designed for small businesses to reorganize their debts while continuing operations, offering a simplified path compared to a standard Chapter 11 filing. 

Chapter 7 bankruptcy is a legal process that helps people get out of debt by selling assets to pay creditors. It's also known as "liquidation" or "straight" bankruptcy. 

Chapter 11 bankruptcy is a reorganization process that allows debtors to reorganize their debt and continue operating their business. It's also known as a "reorganization" bankruptcy. 

Chapter 13 bankruptcy is a way for people with a steady income to reorganize their debts and pay them off over time. It's also known as a wage earner's plan.