Chapter 11-Reorganization

The Bankruptcy Code has five chapters and each chapter provides a different type of relief for debtors. The Debt of a business is normally more complicated than the average consumer. Therefore, Chapter 11 can offer a business reorganization plan that will usually produce a smaller, leaner company with reduced debt and interest. Once some stability … Read more

Chapter 7-Debt Relief-Overview

The Bankruptcy Code has five chapters and each chapter provides a different type of relief for debtors. Chapter 7 is the most commonly used chapter for Debtors and it allows an honest debtor a new financial life. Under Chapter 7, a debtor is entitled to a full discharge and release from all debts that are … Read more

Chapter 13

The Bankruptcy Code has five chapters and each chapter provides a different type of relief for debtors. Chapter 13 repayment option is different from Chapter 7 liquidation. You may create a plan that focuses on future earnings rather than accumulated assets to pay creditors. Most importantly, Chapter 13 allows the debtor to keep all assets, … Read more