Bankruptcy attorney Randy H. Gugino provides comprehensive guidance to both businesses and families through the following forms of bankruptcy: • Chapter 7. Available to both individuals and businesses, Chapter 7 is often called liquidation because it attempts to sell off many assets to pay off some outstanding unsecured debt before discharging all debt allowed under the law. • Chapter 11. Although individuals can file Chapter 11, it is more commonly used for companies that want to continue operations and negotiate new terms that enable them to pay off outstanding debt. It is often called restructuring because of the negotiation of new terms. • Chapter 13. This form of bankruptcy is available to individuals only. Chapter 13 is often referred to as wage earners bankruptcy because it of