Types of Bankruptcy
There are three types of bankruptcy that are applicable to most individuals and married couples:
Chapter 7 is known as “straight” bankruptcy or “liquidation.” It occasionally requires a debtor to give up property when its value exceeds certain limits called “exemptions”, so the property can be sold to pay creditors.
Chapter 11, known as “reorganization”, is used by corporations and a few individual debtors whose debts generally exceed $1 million.
Chapter 13 is called “individual debt adjustment.” It requires a debtor to file a plan to pay debts (or parts of debts) from current income.
Don’t take my word for it - read what my satisfied clients have to say about me!
Every client gets a survey at the end of their case because I want to do everything to improve your satisfaction. The survey results are right here for you to read.
