Bankruptcy is one of the many parts of our legal system that makes our nation great. It provides deserving debtors with a fresh start. Bankruptcy allows people from all walks of life, who have fallen on hard times, the opportunity to start over again with a clean slate. The word, "Bankruptcy", often has a stigma or veil of shame attached to it.
This stigma is somewhat undeserved. Bankruptcy can also be viewed as an essential tool that encourages entrepreneurs to take risks for the sake of economic progress and allows individuals, who would otherwise give up, the incentive to start over. It also provides individuals the means to save their homes and improve their credit rating.
This stigma is somewhat undeserved. Bankruptcy can also be viewed as an essential tool that encourages entrepreneurs to take risks for the sake of economic progress and allows individuals, who would otherwise give up, the incentive to start over. It also provides individuals the means to save their homes and improve their credit rating.
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Bankruptcy is a process governed by federal law that affords individuals and businesses protection from their creditors when they are unable to repay debts. Bankruptcy can protect debtors from collection efforts such as foreclosure, repossession, garnishments, and lawsuits. Once the filing of your bankruptcy petition is completed creditors are prohibited from taking any further collection actions against you without bankruptcy court approval.
Once you make the decision to employ us as your bankruptcy counsel, we will forward you a questionnaire and list of documents we will need to prepare your bankruptcy petition. We can make a decision at this time on which chapter of the Bankruptcy Code to file under. See our sections on specific types of bankruptcy (chapter 7, chapter 11, chapter 13) to get a general idea on which type may suit your situation.
When first considering bankruptcy as an option, many people start by questioning what their options are and if they qualify to file for bankruptcy at all. There are several major types of bankruptcy available under federal law, but chapter 7 and chapter 13 are the two most commonly used types.
Bankruptcies filed under chapter 7 are referred to as "straight" bankruptcies or liquidations - this is the main type of bankruptcy utilized by individuals and small business owners.In chapter 7, most debts will essentially be eliminated or "erased" in a period of 4-6 months as opposed to a chapter 13 which requires a repayment plan that spans anywhere from 3 to 5 years.
Bankruptcies filed under chapter 7 are referred to as "straight" bankruptcies or liquidations - this is the main type of bankruptcy utilized by individuals and small business owners.In chapter 7, most debts will essentially be eliminated or "erased" in a period of 4-6 months as opposed to a chapter 13 which requires a repayment plan that spans anywhere from 3 to 5 years.
Chapter 13 is often referred to as "Wage Earner" or "Reorganization" bankruptcy. Consumers who don't qualify for a chapter 7 filing based on an income that is too high are usually able to qualify for a chapter 13. This type of bankruptcy is reserved for consumers filing on an individual basis to seek relief from personal debt.
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Angel Glover
May 24, 2021
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