Bankruptcy Law

Filing Chapter 11 bankruptcy allows you to keep certain property and reduce your debt through a court-approved payment plan that can clear a debt even if you only pay a small percentage of it. While some individuals choose to file for Chapter 11 bankruptcy because of certain financial restrictions, the vast majority of Chapter 11 filers are businesses and corporations. Other petitioners who choose this form of bankruptcy include medical groups, professional associations, and non-profit organizations.

In a Chapter 11 bankruptcy, the court carefully monitors all debt payments. If you are thinking about filing for Chapter 11, you should work with a qualified bankruptcy attorney to develop a sound plan of action. The requirements and obligation of Chapter 11 can be daunting if faced alone.

Filing for Chapter 7 bankruptcy obligates you to liquidate all of your assets and potentially give up your possessions to reduce or clear your debts. When you file for Chapter 7 bankruptcy, the court will place a hold on all of your debts.

Filing for Chapter 13 bankruptcy allows for a repayment plan to alleviate debt. When you file for Chapter 13 bankruptcy, the court will create a three to five year repayment plan based on your annual income