Facing bankruptcy can be a scary experience. However, bankruptcy is not something to fear or look down on. Bankruptcy exists to help you survive a serious financial fall, giving you the ability to wipe the slate clean and continue your life. There are many forms of bankruptcy which work to meet the needs of various individuals and business operations. By better understanding what the forms of bankruptcy are, you are better able to make the decision that is best for yourself and those depending on you.
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There are four main bankruptcy options used to aide those facing serious financial hardship and an ever growing mountain of debt. These forms of bankruptcy are:
Chapter 7: This is a liquidation bankruptcy that can be used by individuals or businesses, although it is generally only used by individuals. In this option, you give up ownership of some assets in order to repay your debts to the fullest extent possible. What cannot be paid off is discharged. This is generally avoided by businesses because it requires a business to give up all their assets, making it difficult to continue operations. Chapter 11: This form of bankruptcy is geared towards businesses facing serious financial hardship. It is the most common form of bankruptcy filed by businesses. Within this option, the business will continue to function normally and debtors will maintain their ownership of the assets. A reorganization plan will be worked out so the creditors can be repaid over time. Chapter 12: This bankruptcy option is for farm owners facing the loss of their property and livelihood. Chapter 13: This is an alternative form of individual bankruptcy similar to Chapter 11 Bankruptcy. It is for individual debtors who create a plan for repayment with their creditors while maintaining ownership of their assets. The repayment can happen over a 3-5 year period. Which each of these bankruptcy options there are limitations and qualifications that must be met. Because this can be a complicated process it is important that those filing for bankruptcy seek the assistance of an experienced professional.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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