Is Bankruptcy The Right Option For You?

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Is Bankruptcy The Right Option For You?

Call: 888-297-6203

Are you getting affected by these difficult financial times? Are you finding it tough to find ways to pay the piled up bills? Is your home under the threat of a foreclosure? Are you troubled by the burden of your debts? If your answer to any of these questions is in affirmation, bankruptcy might be the right option for you. However, it is better to consult bankruptcy attorneys before making any decision. You can contact the Recovery Law Group at www.recoverylawgroup.com or call on 888-297-6203.

A bankruptcy attorney can analyse your financial documents and then make an educated and a calculated decision about the chapter of bankruptcy that you should file for according to your current needs.

There are four chapters of bankruptcy available. Many people already know about the Chapter 7 and Chapter 13 bankruptcies, but few know about Chapter 11 and Chapter 12 bankruptcies. Given below is a brief summary of each bankruptcy chapter. Then armed with the information and the attorney’s consultation, you can make the best and productive decision for yourself.

Chapter 7 Bankruptcy

  • Your debt is subjected to liquidation.
  • Elimination of all the unsecured debt
  • Permission to retain only the exempt property (unless there is an availability of buyback)

Chapter 13 Bankruptcy

  • Reorganising your debt
  • Full or partial repayment plan for a period of 3-5 years
  • Permission to keep more properties than in a Chapter 7 bankruptcy

Chapter 11 Bankruptcy

  • Reorganising your debt
  • Normally done after the debt exceeds $1 million
  • Majority votes of the creditors approve the repayment plan

Chapter 12 Bankruptcy

  • Reorganising your debt
  • It is limited to fishermen and farmers and 51% of debt should be related to fishing or farming.
  • Similarities with Chapter 13

This is just a glimpse of each chapter of bankruptcy, and so it is necessary to have a detailed information and discussion about each chapter of bankruptcy without making any decision.


2019-11-06T10:25:28+00:00