Bankruptcy is one of the most sought out ways to get rid of unsecured debts that people have amassed over a period. Finding themselves in a financial soup can cause panic in people. Los Angeles based bankruptcy law firm Recovery Law Group, advises that there are a number of options when it comes to a bankruptcy filing. The most common chapters include Chapter 7 and Chapter 13. While the former is known as Liquidation Bankruptcy and involves the selling of the non-exempt property to pay your dues; the latter, also known as Wage-earner’s plan, makes sure that the creditors get paid some portion of their dues through a repayment plan. Other chapters of bankruptcy have rarely found their due. the various other bankruptcy chapters include:
- Chapter 9
This chapter caters to get rid of debts of municipalities, cities, and towns when the conditions turn out to be insolvent.
- Chapter 11
It is the 3rd most common type of bankruptcy chapter and is used to reorganize the business debts and assets of the bankruptcy filer.
- Chapter 12
This provision is available exclusively to fishermen and farmers for adjusting their debts. Though it is slightly difficult, it is perhaps the best option available.
- Chapter 15
This chapter is to assist those debtors who have some debts within the U.S. and some outside the country.
Considering that several options are available for a bankruptcy filing, consulting with qualified attorneys Los Angeles is important before you decide to file for one. You can call 888-297-6023 to schedule an appointment with the best bankruptcy lawyers.