Sometimes depending on your circumstances a bankruptcy or foreclosure is your only alternative that you have. It could be loss of a job, lawsuit or health related bills that require you to seek out this drastic measure. There is a way to end getting hounded by collection agencies. Filing for bankruptcy comes in many forms from filing for personal bankruptcy. If you are an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, a business organization needs to file a Chapter 11 reorganization, or a farmer considering Chapter 12.
Whatever type you need, our firm will provide you the advice and guidance that you need and can help determine which form of bankruptcy is right for you, and we will prepare and file all of the paperwork, represent you in court and advise you throughout the bankruptcy process.
Below is information on the personal types of Bankruptcy.
Our bankruptcy attorneys know that the most frequently used types of bankruptcy provided for in the U.S. Bankruptcy Code are:
Chapter 7 - Individuals mainly use this type of bankruptcy, however it may also be used by businesses. Chapter 7 is also the most rigorous plan where a court-appointed trustee will sell assets to pay creditors.
Chapter 13 - This type of bankruptcy is best suited for individual debtors with a steady income. Small business can also used it. Those filing for bankruptcy under Chapter 13 (“individual reorganization”) must reconcile debts over a specific period of time.
Chapter 11 - Declaring bankruptcy using Chapter 11 targets larger businesses, but individuals may also use this reorganization plan. Chapter 11 is similar to Chapter 13 but has more requirements attached to it.
When filing bankruptcy, you must first collect all financial information, including debts, tax returns and loan documents. With the help of a bankruptcy attorney, you will fill out the required bankruptcy forms (or schedules). An automatic stay takes effect instantly after filing for bankruptcy under the current U.S. bankruptcy laws.
Contact the Law Offices of Benjamin Behar for in-depth bankruptcy information or to help you decide what type of bankruptcy filing best suits you or your business.