Below, our site provides simple, understandable answers to the different bankruptcy alternatives. We invite you to browse the web site and contact us regarding your rights. Naturally, we only provide generic guidelines here. Let us help you; meet with us and we can review your case to understand your personal situation and guide you forward better.
Bankruptcy Chapters:
Chapter 7
Chapter 7 bankruptcy helps those who find themselves unable to pay their existing debts. A test conducted by the attorney will determine if your case can proceed as a Chapter 7.
Under a Chapter 7 case, much of your property can be claimed as exempt. This means you can keep many of your possessions after the case has finished. Property that is not exempt may be taken by your Trustee and sold at auction to pay your remaining debts.
While many of your debts may be discharged during a Chapter 7, some cannot. It is crucial to find excellent legal representation to help you determine which debts are discharged and which are not.
Chapter 11
A Chapter 11 case is defined as a reorganization case. It is concerned primarily with businesses.
Chapter 11 cases aim to continue the operation of a business through reorganization methods and a complete or partial relief from debt.
These cases are some of the most difficult in bankruptcy law. It is strongly recommended by most parties that businesses find excellent representation to successfully navigate this area of the law. A knowledgeable attorney can help ensure that the owners keep their business after its reorganization and that the maximum debt relief allowable is ensured.
Chapter 12
A Chapter 12 bankruptcy involves family farmers and fishermen. Its structure is similar to a Chapter 13 except for a greater degree of specialization towards a particular industry.
Chapter 12 filings are rare. Individuals and businesses looking to file a Chapter 12 bankruptcy should contact our office to schedule a free consultation. Then we can provide you with more information.
Chapter 13
A Chapter 13 allows individuals above a certain income level to arrange payment plans for their incurred debt. Additionally, debts may often be partially eliminated.
Chapter 13s arrange payment systems dating from three to five years, relieving the pressure of immediate debt problems and giving individuals a second chance.
A Chapter 13 case revolves around a debt payment plan created by your attorney. The court must approve this plan for it to be successful. Therefore, ensure that you have a knowledgeable attorney to handle your case and create the most efficient, beneficial plan possible.
