Many people are not able to pay their debts and may have no other choice but to file for chapter 7, 11 bankruptcy. Bankruptcy is a legal process that can help get rid of some or all of your debt. There are three types of bankruptcy: Chapter 7, Chapter 11, and Chapter 13. It is important to work with an attorney who is knowledgeable about the type of bankruptcy you should file for. You should also be aware that filing for bankruptcy will have a significant impact on your life such as, losing some assets, paying higher interest rates on credit cards and loans, not being able to apply for new credit.
- Chapter 7 bankruptcy is a process of liquidating the debtor’s non-exempt assets to pay off as much debt as possible. It is typically used by individuals who do not have substantial assets and have no more than average income.
- Chapter 11 bankruptcy is a process of reorganizing an individual or business’s debts. It is typically used by individuals or businesses who have substantial assets and large debts, but are still able to repay some of their debt with a repayment plan.
- Chapter 13 bankruptcy is a process of creating an individualized repayment plan in order to repay some debt over time with the help of the court and creditors. It is typically used by individuals or businesses who are unable to repay their debts in full due to lack of funds or high monthly expenses.
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