Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is available to both individuals and businesses. If an individual is in debt over $1,010,000.00 to secured creditors or over $336,900.00 to unsecured creditors, Chapter 13 will not be available, and a Chapter 11 bankruptcy would be the best option for that person. Many times, filing Chapter 11 bankruptcy for a business can help save the business. Click here to read more…
Chapter 7 Bankruptcy
In Chapter 7 Bankruptcy, many debts can be eliminated completely. Chapter 7 is fast and relatively inexpensive. It allows an individual or couple to obtain a fresh start. A common myth about Chapter 7 bankruptcy is that the filer would lose his or her home, but in truth your home is exempt if it meets certain criteria. You may be able to keep one or more vehicles. Click here to read more…
Chapter 13 Bankruptcy
Chapter 13 bankruptcy eliminates debt as Chapter 7 does, but requires the client to restructure the debt and create a repayment plan. Unpaid unsecured debt is discharged at the end of the Plan term to enable unsecured creditors to receive more through a Chapter 13 than they would receive if the client filed a Chapter 7. Chapter 13 often stops mortgage foreclosures and allows the client to cure the missed payments over the Plan term. The changes made to Bankruptcy Law in 2005 make it more difficult to file Chapter 7 and wipe out unsecured debt. Click here to read more…
Chapter 12 Bankruptcy
Chapter 12 Bankruptcy is a special interest area of bankruptcy that is reserved for family fishermen or family farmers with regular annual income. There are many similarities between Chapter 13 Bankruptcy and Chapter 12 Bankruptcy, but Chapter 12 was developed to specifically allow family farmers and fishermen to continue to operate their business while carrying out a plan to repay creditors. Click here to read more…