Bankruptcy
Decalring bankruptcy is an important economic decision. Bankruptcy may offer relief to those facing financial hardship. If you have debts that you cannot afford to pay, bankruptcy offers a legitimate way to stop foreclosures, repossessions and halt lawsuits. A free consultation with Fox & McAdams will inform you of your options and may lead to a fresh start for you and your family.
Chapter 7
Generally, a chapter 7 bankruptcy wipes out most of your debts. However, potential filers should realize that the filing of a Chapter 7 bankruptcy may result in the loss of property. In Chapter 7 the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay creditors. The debtor is allowed to keep certain "exempt" property. Individuals as well as businesses may qualify for Chapter 7 relief; however, there are procedures used to see if a debtor qualifies for Chapter 7.
Chapter 13
Chapter 13 permits individuals to pay all or a portion of his or her debts over a 3 or 5 year period. Chapter 13 offers individuals an opportunity to save their homes from foreclosure by stopping foreclosure proceedings. A Chapter 13 filing may cure delinquent mortgage payments over time.
Chapter 11
Chapter 11 permits either individuals or businesses to pay creditors over time. Individuals with unsecured debts of at least $336,900 or secured debts of at least $1,010,650 may file Chapter 11. A corporation, partnership or LLC usually proposes a Chapter 11 plan of reorganization to keep its business alive and pay creditors over time.
The initial consultation with an attorney is free and will be focused on providing real options and is not designed to create unrealistic expectations. Call our offices today to schedule a free consultation.
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