Welcome To Your Next Chapter.
Bankruptcy Services
Chapter 7 bankruptcy is often referred to as “liquidation” bankruptcy and allows individuals to discharge certain eligible debts. It requires an individual to give up property which is not “exempt” under the law. The bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds to pay creditors in accordance with the provisions of the Bankruptcy Code.
Chapter 7
Chapter 11 bankruptcy is a type of "reorganization" available to individuals, corporations and partnerships. It is the usual choice for large businesses seeking to restructure their debt. Individuals may file when they have income that disqualifies them for a Chapter 7, and a high debt level that disqualifies them for a Chapter 13. In a Chapter 11 bankruptcy, a plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.
Chapter 11
Chapter 13 is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of years. A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
Chapter 13