In this day and age there are a lot of people considering filing for bankruptcy. Are you one of them? There are six types of bankruptcy set forth in the US bankruptcy code. Only three of these, chapters 7, 11 and 13, pertain to most people.
Individuals and businesses use Chapter 7 to liquidate all assets and ultimately obtain a discharge of all debts. Chapter 11 can be used by businesses and individuals with substantial debts and assets to reorganize their finances. Essentially their books are handed over to a trustee who, over time, pays off or negotiates with creditors to allow the debtor to get back on solid financial ground. Chapter 13 is similar to Chapter 11, but applies only to individuals with a regular source of income. Some debts cannot be discharged via bankruptcy. Examples of these include criminal fines and restitution, some student loans, taxes, debts incurred by fraud, alimony and child support, and judgments for driving under the influence.
Although we do not handle bankruptcy law, our personal injury attorneys will be happy to talk with you and provide a referral. Call Jeff on his cell phone now! 561-801-JEFF