Filing for bankruptcy can be a difficult decision, but it may be the best option for you. This blog post will provide an overview of what bankruptcy law is, and explain the different chapters that are available to you. We will also discuss the benefits of filing for bankruptcy and how to get started. If you are considering bankruptcy as an option, please contact our office for a free consultation. We would be happy to answer any questions you have and help you make the best decision for your situation!
Chapter 11: Chapter 11 of the Bankruptcy Code is a reorganization, which means that businesses can continue to operate and creditors are generally paid according to their priority level. The debtor in possession (DIP) will file what’s called a “plan of reorganization” with the court outlining how they intend on paying creditors back over time. There are two types of chapter 11: individual and business reorganization.
Chapter 12 Bankruptcy: Chapter 12 is designed for family farmers or fishermen who have regular income from those activities but need some relief during times when crops fail or the weather turns bad. It allows them more time than a typical chapter 13 to repay their debts while still keeping control over their assets.
Chapter 13: Chapter 13 of the Bankruptcy Code is a reorganization, which means that individuals can continue living in their homes and paying off some or all debt according to what’s called “a plan of reorganization.” There are two types of chapter 13: individual and business reorganization (for both). The debtor must file what’s called an official form with the court outlining how they intend on paying creditors back over time. This blog post will provide an overview of what bankruptcy law is, and explain the different chapters that are available to you. We will also discuss the benefits of filing for bankruptcy and how to get started!
Please contact our for a free consultation if you are considering bankruptcy as an option. We would be happy to answer any questions you have and help you make the best decision for your situation! blog lawyer ontario california chapter 11 chapter 12 chapter 13 bankruptcy credit counseling credit card debt relief mortgage foreclosure short sale tax debt relief wage garnishment creditor harassment lawsuit judgement
There are different chapters of Bankruptcy law that may apply to you, depending on your unique situation. This blog post will provide an overview of what each one is, and explain the benefits of filing for bankruptcy. Please contact our office if you are interested in learning more about Bankruptcy and how it could help you get out of debt!
