Everyone who have faced financial hardship know how difficult it is to deal with debt. Fortunately for many debtors, bankruptcy can provide a way out. Bankruptcy is designed to give debtors a financial fresh start by eliminating most debts in one fell swoop. However, it isn't a walk in the park. In order to receive a debt discharge, debtors are typically required to make major sacrifices, such as liquidating their assets, or forfeiting a percentage of their income.

While there were a number of different federal bankruptcy laws in the past, the current Bankruptcy Code was enacted in 1978 and has been amended numerous times since. The Code provides several ways for debtors to eliminate their debts through bankruptcy. In this section, you'll find articles and resources on the different forms of bankruptcy, common issues that debtors face, getting legal help with bankruptcy, alternatives to filing, and more.

The Forms of Bankruptcy

There are different types of bankruptcy in the U.S. Each form is designed for a specific purpose and has its own advantages and disadvantages. In a Chapter 7, for example, most of the debtor's property is sold off in order to repay creditors. In a Chapter 13, on the other hand, the debtor retains his or her property and instead pays off his or her debts according to a repayment plan. Finally, Chapter 11 bankruptcy is typically used by businesses who wish to shed debt and cut costs through reorganization. The type of bankruptcy you file depends on your assets, earning capacity, debt burden, and a number of other factors.

Bankruptcy Filing 

Whether you're an individual who is struggling with debt, or a business looking to reorganize, it's most often in your best interests to consult with our Lawyers. A bankruptcy lawyer can help you get the best possible terms and make the process go as smoothly as possible. If you're filing for a Chapter 7 bankruptcy, for example, a lawyer can help you take advantage of the many bankruptcy exemptions offered. If you're filing for Chapter 11, on the other hand, a bankruptcy lawyer can help you develop a repayment plan that will ensure your business exits bankruptcy in a timely fashion.

  • Chapter 7 - Chapter 7 Bankruptcy is also called "liquidation." In this form of bankruptcy most of the debtor's assets are sold and the proceeds are used to pay creditors. Whatever debts
  • Chapter 13 - Chapter 13 Bankruptcy allows the person seeking bankruptcy to retain certain valuable assets such as their home and car. Instead they develop a plan to repay creditors over a longer period of time and the court determines whether the plan meets the requirements of the code. The debtor has any remaining debts discharged when they complete payment under the plan.
  • Chapter 11 - Chapter 11 Bankruptcy is also called "Restructuring" and is a form of bankruptcy used by businesses that wish to continue their operations while repaying creditors.

Since these are intended to protect individuals, we can help with the following:

  • Mortgages and Car Loans
  • Debts tied to Past Crimes
  • Debts Owed for Child Support, Alimony, or Student Loans
  • Nonsupport Debts Owed in a Divorce, Property Settlement, or Agreement
  • Co-Debtors on Personal Loans
  • Nonexempt Valuable Property
  • Secured Property
  • A Prior Bankruptcy

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