Bankruptcy Law PDF Print E-mail
 
Filing a personal bankruptcy can be extremely difficult and complicated for many people. Finding the right lawyer that gives the right information is the first step in successfully filing for bankruptcy. There are two common consumer bankruptcies that can be filed, which are Chapter 7 and Chapter 13 bankruptcy.  
 
While filling for bankruptcy, your lawyer should be committed in getting debt relief and providing invaluable advice, information and services for a better financial future.
 
Bankruptcy’s lawyers help handle all aspects of bankruptcy law, other than the two most common bankruptcy filings, there are actually a total of 5 bankruptcies that a debtor can file under.
 
  • Chapter 7 -   Commonly called a “straight bankruptcy”. Which entails a liquidation bankruptcy proceeding, where the debtor turns over all assets to a bankruptcy trustee. This converts all the assets to cash to distribute among the creditors. 
  • Chapter 9 -   Which is generally is called an “adjustment of debts for a municipality” This filing is only available for municipalities that include cities, towns, counties, villages, taxing districts, and school districts. 
  • Chapter 11 -  Known as “reorganization” , which most commercial enterprises/businesses file with their lawyers. This permits business to operate while repaying the debts though a court-approved plan.
  • Chapter 12 -  Also called “Adjustments of Debts of a Family Farmer with Regular annual income”. This filing helps family farmers get debt relief. This filling is very similar to filing a Chapter 13, where debtors and or lawyers help propose a plan to repay debts for up to 3 years, unless approved for a longer time by the courts. 
  • Chapter 13 -  Commonly referred to as “Adjustment of debts of an individual with regular annual income”, which is the most common debt relief for consumers and individuals. The main difference between the chapter 7 filing and this chapter 13 filing is that this provides an option to keep valuable assets, while continuing payment to resolve your debt. This of course is based on the individual anticipated income over the period of time for the plan. The results all hinge on the requirements met for the Bankruptcy Code’s.
 
Contact the Law Office of Teresa Beyers for the most aggressive, efficient representation today!
 

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