Bankruptcy is never fun, but knowing what sort of bankruptcy where is out there and what options you have may help you determine what is going to work best for you. There are a few different types of bankruptcy out there, but the most common are chapter 7, chapter 11 and chapter 13. An experienced bankruptcy lawyer can help you decide what is going to work best for you.
Types of Bankruptcy
- Chapter 15: Used in Foreign Cases
- Chapter 9: Municipalities
- Chapter 7: Liquidation
- Chapter 12: Family Farmers
- Chapter 13: Repayment Plan
- Chapter 11: Large Reorganization
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is also known as the liquidation bankruptcy. This means that you can have your debts dismissed, but that you do have to liquidate or sell assets that you may have to help repay as much of the debt as possible. This type of bankruptcy is best if you have assets that are worth money that you are ready and willing to sell and use to pay back your debt.
In this case, you are going to be appointed a trustee that will manage the liquidation and the repayment and then will work with you to help dismiss the rest of the debt. This is a great way to bankrupt if you have the time and the assets that are going to work for you and that are going to help you repay some of what you owe.
What is Chapter 11 Bankruptcy?
Chapter 11 is also known as the reorganization bankruptcy. This is best if you have a business and you want to keep the business and just reorganize what you owe and how you are going to pay it back. This is also great if you want to dismiss only some of your debt and you want to restructure and keep your business and stay in business.
With this sort of bankruptcy you are going to need to meet with your lawyer or your trustee to help you figure out what debts you want to get rid of, what debts you want to restructure, and of course how to better restructure your debt so that you can repay it and get it taken care of.
What is Chapter 13 Bankruptcy?
Chapter 13 is what most people choose and what most individual people are going to file. Chapter 13 is a way to dismiss your debt but to keep some debt like your home or car loan. This is a fantastic option if you do not have any sort of assets that are going to be used to pay back but you do want to reaffirm some loans.
You can meet with your lawyer to see what loans you want to get back in and what you are going to need to reaffirm if you are not going to dismiss the loan.
What Can a Bankruptcy Lawyer Do?
A bankruptcy lawyer is going to be able to do so much for you and so much for your overall bankruptcy. First and foremost, they are going to be able to help you fill out your paperwork, they are going to be able to help you to figure out what sort of bankruptcy is going to work best for you, and they are also going to be able to help you get the process going.
With a bankruptcy, a lawyer is the best way to ensure that you are going to be taken care of and that you are going to be able to get your bankruptcy on the right track. They can help talk you through the bankruptcy process, they can help you determine what sort of bankruptcy that you are going to be able to file, and what is going to work best for your particular needs.
The bankruptcy process is rather straight forward. You start by petitioning the court to see if you qualify for bankruptcy. They will help you petition the court, fill out your starting paperwork, and they will also refer you to your counseling to help you figure out how to manage your money after your bankruptcy is finished.
Your creditors are going to have the opportunity to come and request that you pay back the debt that you owe, but in many cases they do not. Your lawyer is going to be able to help walk you through the process, through what you need to do after the bankruptcy has completed, and then what you need to do to reaffirm any loans that you want and to make sure that your loans and debts are dismissed.
A great lawyer is going to be able to help you with your bankruptcy, they are going to be able to support you through your bankruptcy, and they are going to be able to help you to figure out what is going to work best for you. It is difficult to traverse bankruptcy on your own, but with the help of your bankruptcy attorney you can work through your bankruptcy and you can get the outcome that is going to work for you so that you can move forward and so that you can stop worrying about your debt and what you owe.