Our office can assist in individual and small business bankruptcies.
Chapter 7 bankruptcy is a liquidation. This means that the bankruptcy court will take any of the debtor’s nonexempt property and distribute the proceeds to creditors. There are exemptions written into bankruptcy law that allows debtors to keep certain property. The benefit of filing a chapter 7 bankruptcy is that most debts will be discharged. Thus, chapter 7 bankruptcy is an attractive option for many debtors to eliminate most, if not all, of their debts.
Certain higher-income families and individuals will be precluded from filing a chapter 7 bankruptcy. In addition, some may want to file a chapter 13 bankruptcy in order to keep non-exempt property (for example a home with equity or expensive car). Chapter 13 bankruptcy allows debtors to develop a plan to repay all or part of their debts. Debtors propose a repayment plan to make installment payments to creditors over the span or three to five years. Contact us to determine whether you are eligible to file a chapter 7 bankruptcy, whether you will be able to keep your property, whether your debts will be discharged in a chapter 7 bankruptcy, and whether a chapter 13 bankruptcy would be more appropriate, please contact us for more information.