Chapter 7 Bankruptcy - Fresh Start Through Liquidation
Chapter 7 bankruptcy offers individuals and businesses a way to eliminate most unsecured debts and start fresh. This process involves liquidating non-exempt assets to pay creditors, though many clients can keep most or all of their property through available exemptions.
Chapter 11 bankruptcy allows businesses to restructure their debts while continuing operations. This option provides breathing room to develop a viable reorganization plan that satisfies creditors while preserving the business.
Chapter 13 Bankruptcy - Debt Consolidation Through Repayment Plans
Chapter 13 bankruptcy enables individuals with regular income to develop a 3-5 year plan to repay all or part of their debts while keeping their assets. This option is especially valuable for homeowners facing foreclosure or those who don't qualify for Chapter 7.
