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Let us help you eliminate the stress and worry of unpaid bills and give you a fresh start on life.
Our Bankruptcy Attorneys can help you get your financial assets in order and do the negotiating to give you peace of mind.
Bankruptcies can be described as "liquidation" or "reorganization."
Liquidation bankruptcy is called Chapter 7. Under Chapter 7 bankruptcy laws, a consumer or business asks the bankruptcy court for expulsion of the debts owed. Certain debts cannot be discharged. In exchange for the discharge of debts, the business's assets or the consumer's property is sold, and the proceeds are used to pay creditors.
There are several types of reorganization bankruptcy. Consumers with secured debts and unsecured debts (within certain parameters, and that vary by state) can file for Chapter 13. Consumers with debts in excess of the Chapter 13 debt confines can file for Chapter 11 -- a complex process. In reorganization bankruptcy, a plan is filled with the bankruptcy court proposing how creditors will be repaid. Some debts must be repaid in full; others only a percentage is paid back; while others aren't paid at all.
Filling for bankruptcy is a complex process, one that can be more easily navigated with the help of a skilled bankruptcy attorney. Contact us now, to discuss if filing for bankruptcy is right for you.
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