Chapter 7 - Also know as liquidation, allows individuals or businesses to give up nonexmpted assets and walk away from most of their debt. To qualify you must pass the means test, which is the income test.
Chapter 13 - For individuals who need to restructure their debt load. Some creditors will be paid back in full with interest, other in full and the remainder will be repaid at a percentage of the debt. Also used by debtors who do not qualify for Chapter 7 under the means test. Chapter 13 can stop a foreclosure and a car from repossession.
Chapter 11 - Is reorganization for businesses. (we do not practice Chapter 11)
Chapter 12 - Allows family farmers and fisherman with regular income to reorganize debt. It works very much like a Chapter 13, but usually is about three years.
Contact our office today for your free consultation to see if bankruptcy is the answer for your financial struggles. We offer a free consultation and monthly payment plans.
No comments:
Post a Comment