Filing for Bankruptcy is a very important decision financially and, in many cases, emotionally. Our Chapter 7 bankruptcy attorneys at Gale, Angelo, Johnson & Pruett P.C. want to ensure that you are prepared for the process of filing a Chapter 7 bankruptcy.
Chapter 7 bankruptcy also knows as “Liquidation bankruptcy” is a federal court process that liquidates your debts. This type of bankruptcy can be used for individual filings as well as business filings. Typically, the goal of a chapter 7 case is to retain exempt property and obtain a discharge that releases the debtor from personal liability to unsecured debts and prevents the creditors form taking any legal action against the debtor.
If you are considering filing for a chapter 7 bankruptcy it is important that you hire counsel to fully understand your different options, confirm you qualify to file and prepare your legal documents properly to ensure your case does not get thrown out. To discuss your financial situation, call us at 916-290-7778 to schedule a FREE case evaluation today!
Chapter 13 bankruptcy which is known as the “re-organization bankruptcy” offers individual debtors an opportunity to propose and carry out a repayment plan that allows them to pay back creditors over an extended period, usually 60 months.
A debtor filing a chapter must show the courts that they have the resources to pay their debts, otherwise, a judge will not approve the repayment plan. Once the plan is approved, a bankruptcy trustee appointed by the courts will be your money manager and make payments to creditors.
Filing a Ch. 13 petition “automatically stays” most collection action against the debtor, or their property while a repayment plan is determined with supervision of the courts. Many clients with foreclosure, garnishments, and tax debts benefit from a Chapter 13 filing due to the “Automatic stay”
Are you facing foreclosure, garnishment, or simply cannot seem to get your head above water? Please call us today at 916-290-7778 to discuss your chapter 13 options.
Our firm is also experienced in Chapter 11 bankruptcy. This is like a chapter 13 expect both businesses and individuals may qualify. There is no debt limit on a chapter 11 bankruptcy or a specific time limit for the duration of the bankruptcy. A major advantage of a Chapter 11 filing is that the debtor generally remains in possession of their property and operates their business subject to court supervision.
Is your business facing a tidal wave? Are you buried in debt and need to find a way out? Call our experienced team today to discuss your Chapter 11 bankruptcy options 916-290-7778.