BANKRUPTCY
Bankruptcy is a legal process that individuals and businesses can use to seek relief from overwhelming debt. The primary purpose of bankruptcy is to provide a fresh start for debtors while treating creditors fairly. In most cases, bankruptcy is filed in federal court under one of the chapters of the U.S. Bankruptcy Code.
HOW BANKRUPTCY WORKS
-
Chapter 7 (Liquidation): In Chapter 7 bankruptcy, a trustee is appointed to liquidate non-exempt assets to repay creditors. Many types of debts can be discharged (eliminated), providing a fresh start for the debtor. Certain assets may be exempt from liquidation, depending on state laws.
-
Chapter 13 (Reorganization): Chapter 13 bankruptcy involves creating a repayment plan for individuals with regular income. Debtors propose a plan to repay all or a portion of their debts over three to five years. At the end of the plan, remaining eligible debts may be discharged.
Contact Us 24/7
FORECLOSURE PROBLMES SOLVED CAN HELP YOU AT ANY STAGE OF THE FORECLOSURE PROCESS