Bankruptcy Lawyer
Chapter 7, or liquidation bankruptcy, means that your assets (or your estate) – are sold to pay off your creditors.
A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors’ needs are assessed.
Reorganization bankruptcies can be filed under the following guidelines:
- Chapter 11 – businesses and individuals with many assets
- Chapter 13 – individuals with steady income
A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one’s creditors. Filing Bankrutpcy can give you a chance to start over from a financial point of view, as most of debts are relieved after bankruptcy as been filed.
We hope to help clarify most of the myths of bankruptcy with this site & we hope the advice is helpful to you.