Choosing the right type of Bankrupcy is very important. Below is a brief description of different type of Bankruptcy.
Chapter 7 - Choosing to file for chapter 7 bankruptcy allows you to keep all of your existing property and liquidate any unsecured debt you may be dealing with. This bankruptcy method can provide you with debt relief, but it will stay on your credit report for up to 10 years. It is there to provide people with a quick way to receive relief during a financial crisis.
Chapter 11 - Under this bankruptcy option, you will remain in possession of your business assets and continue operating your business under the supervision of the court. This is a way of restructuring debt and is available to individuals, corporations, and partnerships. Filing for Chapter 11 bankruptcy can be an effective tool in allowing your business to prevent liquidation, stay open, and continue to take in income when you are broke.
Chapter 12 - Are you a farmer that is having trouble with your debts? You can file for chapter 12 bankruptcy and keep your farm. Chapter 12 bankruptcy services were created to help family farmers reorganize their debt and keep their farms. It is less complicated and far less expensive than standard chapter 11 bankruptcy, which is better suited to help large corporations. Only farmers with regular annual income can file a petition for relief under chapter 12. Doing this ensures that the your annual income is stable enough to make payments under a special plan.
Chapter 13 - bankruptcy is an option reserved for indebted individuals who earn consistent wages. Chapter 13 bankruptcy, which is also known as a wage earner's plan, enables you to continue receiving regular income and develop a plan to repay all or part of your debts. By filing under this type of bankruptcy, you will be able to cure delinquent mortgage payments over time, as well as make planned payments to creditors. You will have no direct contact with creditors while under chapter 13 bankruptcy.
Bankruptcy may be able to help you… It may stop harassing phone calls and letters from creditors, It may stop foreclosure and/or repossession proceedings, It may reduce payments on your mobile home & automobile, It may eliminate debts such credit cards, medical bills, second mortgages, etc., Exercise your right to restructure or reorganize your debts, Retain possession & ownership of all of your property, Eliminate or pay your tax obligations over an extended period of time, Obtain fresh start financially for you and/or your business, Reduce stress and re-gain peace of mind regarding your financial situation
Chapter 7 - Choosing to file for chapter 7 bankruptcy allows you to keep all of your existing property and liquidate any unsecured debt you may be dealing with. This bankruptcy method can provide you with debt relief, but it will stay on your credit report for up to 10 years. It is there to provide people with a quick way to receive relief during a financial crisis.
Chapter 11 - Under this bankruptcy option, you will remain in possession of your business assets and continue operating your business under the supervision of the court. This is a way of restructuring debt and is available to individuals, corporations, and partnerships. Filing for Chapter 11 bankruptcy can be an effective tool in allowing your business to prevent liquidation, stay open, and continue to take in income when you are broke.
Chapter 12 - Are you a farmer that is having trouble with your debts? You can file for chapter 12 bankruptcy and keep your farm. Chapter 12 bankruptcy services were created to help family farmers reorganize their debt and keep their farms. It is less complicated and far less expensive than standard chapter 11 bankruptcy, which is better suited to help large corporations. Only farmers with regular annual income can file a petition for relief under chapter 12. Doing this ensures that the your annual income is stable enough to make payments under a special plan.
Chapter 13 - bankruptcy is an option reserved for indebted individuals who earn consistent wages. Chapter 13 bankruptcy, which is also known as a wage earner's plan, enables you to continue receiving regular income and develop a plan to repay all or part of your debts. By filing under this type of bankruptcy, you will be able to cure delinquent mortgage payments over time, as well as make planned payments to creditors. You will have no direct contact with creditors while under chapter 13 bankruptcy.
Bankruptcy may be able to help you… It may stop harassing phone calls and letters from creditors, It may stop foreclosure and/or repossession proceedings, It may reduce payments on your mobile home & automobile, It may eliminate debts such credit cards, medical bills, second mortgages, etc., Exercise your right to restructure or reorganize your debts, Retain possession & ownership of all of your property, Eliminate or pay your tax obligations over an extended period of time, Obtain fresh start financially for you and/or your business, Reduce stress and re-gain peace of mind regarding your financial situation
Randy Frier Bankruptcy Attorney is an experienced and compassionate bankruptcy attorney whose practice primarily involves assisting individuals and businesses with obtaining immediate debt reliefand a fresh start financially under the United States Bankruptcy Code.
http://www.jrandallfrier.com
http://www.jrandallfrier.com
