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Types of Bankruptcy
If you are considering bankruptcy,
this is no time to go it alone. You need an experienced lawyer who
specializes in bankruptcy and knowledgeable with all federal laws,
state laws and tax consequences. Your future hinges on getting the
best advice and making the smartest choices for your personal needs.
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If you feel that bankruptcy is your
best option, you definitely need an experienced bankruptcy attorney.
Stay away from petition preparers, typing services or paralegals, remember
that a man who acts as his own attorney has a fool for both a client
and lawyer.
Know what your options are!
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, sometimes
call a straight bankruptcy or personal bankruptcy is a liquidation
proceeding. The debtor turns over all non-exempt property to the
bankruptcy trustee who then converts it to cash for distribution to
the creditors. The debtor receives a discharge of all dischargeable
debts usually within four months. In the vast majority of cases the
debtor has no assets that he would lose so Chapter 7 will give that
person a relatively quick "fresh start".
Chapter 11 Bankruptcy
Chapter 11 is typically used for business bankruptcies
and restructuring. It is not commonly used by individual consumers
since it is far more complex and expensive to pursue. It allows
businesses to reorganize themselves, giving them an opportunity to
restructure debt and get out from under certain burdensome leases and
contracts. Typically a business is allowed to continue to operate
while it is in Chapter 11, although it does so under the supervision
of the Bankruptcy Court and its appointees.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy.
Chapter 13 bankruptcy is filed by individuals who want to pay off
their debts over a period of three to five years. This type of
bankruptcy appeals to individuals who have non-exempt property that
they want to keep. It is also only an option for individuals who have
predictable income and whose income is sufficient to pay their
reasonable expenses with some amount left over to pay off their debts.
Chapter 20 Bankruptcy
There really is no such thing as a Chapter 20 Bankruptcy. The term
has been used when someone first files a chapter 7 bankruptcy and
subsequently files a chapter 13. (13 + 7 = 20). Chapter 13
bankruptcies can be filed following a chapter 7 and within the 7
years following filing under certain circumstances.
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