Why should a small business debtor file for bankruptcy protection under a chapter 11 instead of some
other type of bankruptcy?
A local bankruptcy attorney can review your specific financial circumstances and advise you as to which
type of bankruptcy protection might be best for you.
There are
several types of bankruptcy for which individuals or married couples can file, the most common being Chapter 7 and Chapter 13.
Any negative information that is still on your report after seven years can be disputed, with the exception of
certain types of bankruptcy.
Chapter 12 bankruptcy is relatively a
new type of bankruptcy that applies to family farmers and family fishermen.
If you have done this and decided it is the best course of action, however, the
first type of bankruptcy you might want to consider is Chapter 7 bankruptcy.
Throughout our site, you can learn more about your debt relief options, including
types of bankruptcy such as Chapter 7 and Chapter 13.
The decision to file bankruptcy can be a difficult one and after the process of reviewing your finances and goals you will need to determine
which type of bankruptcy is right for you.
There are a
few types of bankruptcy proceedings, but the most common ones for individuals are Chapter 7 and Chapter 13 bankruptcies.
During your initial No Obligation Consultation, we can discuss the benefits of
various types of bankruptcy, keeping your home and car and other common issues.
By sitting down with an attorney, the
right type of bankruptcy in Boston can be determined or perhaps avoided through a credit negotiation process.
In the
second type of bankruptcy, Chapter 13, you must follow a strict plan in which you repay some or all of your debt within a three - to five - year period.
A Chapter 7 is a
liquidation type of bankruptcy where a bankruptcy trustee will take your non-exempt assets and liquidate them to distribute the proceeds to your unsecured creditors.
A Chapter 13 plan is one of the
harder types of bankruptcies to file because the bankruptcy laws governing it are complicated, and it requires an ongoing disciplined maintenance of the plan once filed.
There are mainly two
types of bankruptcy Chapter 7 liquidation, which enables you to eliminate most of your debts but may require you to forfeit some of your assets, and Chapter 13 reorganization, which enables you to pay off all or most of your debts during a time period but doesn't require you to forfeit any of your assets to pay unsecured debts - those that are not secured by property, such as your car.
Chapter 7 bankruptcy is the
only type of bankruptcy that allows you to walk away from your unsecured debt, essentially «erasing it».
Eliminate the dollar cap on certain
types of bankruptcies so that all properties, regardless of value, are equally subject to an automatic stay from creditors for 90 days, with extensions for cause
Phrases with «type of bankruptcy»