A Bankruptcy Lawyer Can Help You Get a Fresh Financial Start

Are you in a financial bind that just keeps getting worse? If you're afraid to answer the phone because your creditors won't stop calling, you're facing foreclosure or you're worried that your car is going to be repossessed? Many people in these situations choose to file bankruptcy as a way to get a fresh start.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often an option if you have a lot of unsecured debt and not much property you want to keep. Chapter 7 bankruptcy is also known as liquidation because the bankruptcy trustee can sell your nonexempt property to pay creditors a part of what you owe.
However, most people who file for Chapter 7 bankruptcy have little - if any - property that is not exempt. Exemptions vary from state to state, and a local bankruptcy lawyer can explain the exact exemptions available to you.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may be a sensible option for those who have a regular income and debts that are secured by property they want to keep, like a mortgage on their home or a car loan.
In a Chapter 13 bankruptcy case, you submit a 3 to 5 year repayment plan. If the plan is approved by the bankruptcy trustee, you make monthly payments to the trustee, who pays your creditors.
Chapter 13 bankruptcy can give you the breathing room you need to catch up on past-due mortgage and car payments without the threat of foreclosure or repossession. If all payments are made in accordance with your plan, any remaining dischargeable debts can be eliminated at discharge.
Chapter 11 (Corporate) Bankruptcy
Chapter 11 bankruptcy is a corporate reorganization plan that allows a company to continue to do business while taking control of its debts. A Chapter 11 bankruptcy petition may be voluntary or initiated by one or more creditors.
The debtor business files a reorganization plan and continues with the day-to-day operations of the business according to that plan; however, the business operations are monitored by the U.S. Trustee and a committee of creditors.
A bankruptcy attorney who handles business bankruptcy cases can explain the specifics of Chapter 11 bankruptcy as it applies to your particular business operation. Learn more about your bankruptcy options by connecting with a local bankruptcy attorney through AttorneyFind today.