Bankruptcy is a legal recourse available to most individuals and businesses faced with financial distress. It is widely used in our country as a means to obtain financial freedom, protect assets, or obtain a fresh start. Bankruptcy is governed by the Federal Rules of Bankruptcy Procedure and local bankruptcy court rules.
Chapter 7 is the most common type of bankruptcy filed by individuals. In a chapter 7 nonexempt assets can be liquidated to pay your creditors.
Chapter 13 can only be filed by individuals seeking to reorganize their debts.
Chapter 11 filed mostly by corporations and individuals with a high net worth seeking to reorganize their debts.
Bankruptcy is a legal process and financial planning tool that is designed to help consumers eliminate their debts (Chapter 7) or repay them through a payment plan (Chapter 13). Our legal team has extensive experience with both Chapter 7 and Chapter 13 bankruptcies.
Bankruptcy is the legal status that individuals or businesses may declare when they are unable to repay their debts. It provides the framework for managing debt, in many cases allows for the discharge of debts, and provides a fresh financial start.
Bankruptcy Law is a federal law created by Congress, which offers certain protections to individuals and organizations who are unable to effectively manage and pay their debts.
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