Under the United States Bankruptcy laws, there are three chapters which generally are used by most clients filing for bankruptcy. These three chapters are referred to as chapter 7, chapter 13 and chapter 11 bankruptcies. Depending on the how much debt you have and how much assets you wish to protect, our firm will assist you to determine which of the three chapters are right for you.
In this chapter, a person can completely eliminate their debt including bills from credit cards, medical providers, and private lenders. The entire process takes approximately three to four months after filing a petition with the United States Bankruptcy Court. If you are eligible for chapter 7 bankruptcy, this chapter affords you the quickest and efficient way towards making a fresh start. Our law firm can help guide you through the process and decide whether filing is the right choice for you and your family.
Chapter 13 is most commonly used among those who wish to keep their home but are significantly behind on their mortgage payments. Under chapter 13 bankruptcy, those who are interested in permanently stopping a foreclosure or trustee sale, and can afford to make a repayment plan on all back-payments owed to the bank that has a mortgage on your home may qualify. If you have a regular income and ineligible for chapter 7 bankruptcy, this chapter may be the right option for you. Unlike chapter 7, this process can take three to five years after filing a petition for bankruptcy with the United States Bankruptcy Court and involves confirming a chapter 13 plan of repayment.
For high net worth individuals and businesses, a chapter 11 bankruptcy allows you to manage the bankruptcy process, protect assets, and discharge debt. Most individuals who use this chapter have multiple real estate properties and/or own a business which has substantial inventory or machinery to protect. Like chapter 13, this process will likely be completed in five years after filing a petition for bankruptcy with the United States Bankruptcy Court and involves confirming a chapter 11 plan of repayment.
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