Due to the great economic recession which affected the whole world, the issues of bankruptcy are becoming very common. Sometimes people become homeless and even penny less. There are many cases of bankruptcy where people are so deep in debts that they could not find any way out other than committing suicide. The only person who can guide you to a peaceful life free from all debts and the harassments of the creditors is a bankruptcy lawyer. Taunton, MA based businessmen, and individuals have easy access to some of the most renowned law firms providing proper legal counseling. The first point that an intelligent bankruptcy lawyer will take into consideration is to discuss the different types of procedures for filing a petition listed by the U.S. Bankruptcy Court Law with his client. Petitioning for insolvency is divided into chapters. The chapters are mentioned as under: Chapter 7: it deals with the fundamental liquidation meant both for individuals and corporate houses. It is also called as straight bankruptcy. This can be considered as the quickest and easiest method available for insolvency. Chapter 11: it is primarily aimed at rehabilitating or restructuring of the bankrupt businesses. It is basically meant for the business debtors, but occasionally in case individuals have substantial debts as well as assets. It is called a corporate bankruptcy petition. Most of the times it is considered to be a fresh start which typically permits the companies in debt to continue with their work while they follow plans made for debt repayment. Chapter 13: it is applicable to those individuals who have a regular source of income. It allows restructuring along with payment plans. It allows an individual with a regular source of income to incorporate a plan to pay back their debts fully...