Bankruptcy – Millions of families nationwide are facing financial distress. The Bankruptcy Act was passed in an effort to assist families just like yours with a fresh start in the financial world. My offices strive to provide you with the most comforting, reassuring, and smoothest bankruptcy filing possible. Whether we look at a Chapter 7 Bankruptcy, or a Chapter 13 Personal Reorganization, I am here to help you every step of the way. Unlike many other firms, I handle your case personally from beginning to end. Your path to financial independence starts here! Call me today and let’s get you moving to your financial freedom!
There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:
- Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available
- Chapter 9: municipal bankruptcy; a federal mechanism for the resolution of municipal debts
- Chapter 11: rehabilitation or reorganisation, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganisation which typically allows companies to continue to function while they follow debt repayment plans
- Chapter 12: rehabilitation for family farmers and fishermen;
- Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy
- Chapter 15: ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors to clear debts.
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11.