Bankruptcy today is still very beneficial for those who are facing overwhelming debt and harrassment by creditors. The new laws do make eligibility requirements stricter and the amounts of debt that is discharged less, however there is still plenty of relief that is only available by filing bankruptcy under Chapter 7, Chapter 13 and Chapter 11. Protection from creditors and the discharge of certain debts are still available and only by filing for one of the forms of Bankruptcy.
If you still have questions about how the new bankruptcy laws affect you, call today and consult with one of our Bankruptcy Lawyers.
Chapter 7 Bankruptcy is one of the most common forms of bankruptcy that is sought by individuals and small companies not incorporated or given special business formations. Chapter 7 is a liquidation bankruptcy, where the debtor who files for Chapter 7 offers his assets for liquidation in an effort to satisfy any debts with the creditors. Certain debts are fond dischargeable and many find this bankruptcy to be very helpful. A Bankruptcy Attorney would provide you with more information about Chapter 7 Bankruptcy.
Chapter 13 Bankruptcy is a debt repayment plan monitored by the United States Bankruptcy Courts. It allows individuals and small companies relief from creditors by allowing the debtor to get protection for their assets and form an agreement to pay the creditors under this agreement that helps the debtor due to their economic circumstances. Chapter 13 Bankruptcy is an ideal mechanism for individuals and small companies that need relief from debt to protect their assets and work out a payment plan with their creditors. To determine whether Chapter 13 Bankruptcy is right for you, talk to a Bankruptcy Lawyer.
Chapter 11 Bankruptcy is known as the “reorganization” bankruptcy. Chapter 11 bankruptcy is mainly used by companies (small or large) including corporations and partnerships. It is used by smaller companies and individuals when they do not met the requirements of Chapter 7 Bankruptcy and Chapter 11. The main factors in Chapter 7 Bankruptcy is that the debtor may remain in possession of the property and assets, the debtor remains as the trustee of the assets while bankruptcy lawyer creates a reorganization plan that is left to be approved by the bankruptcy courts. If you feel that filing Chapter 11 Bankruptcy is in your best interest, or would like to know more about Chapter 11 Bankruptcy, talk to one of our Bankruptcy Attorneys.
If you are looking for assistance by Bankruptcy Lawyers or would like to know more about how Bankruptcy can help you, contact the Bankruptcy Attorneys of Bankruptcy ESQ.
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