Which Chapter to File
In this day and age, more and more people are filing for bankruptcy. The most common are Chapter 7, Chapter 11, and Chapter 13. Below you will find an explanation of the different filings, so you can decide which one is the most appropriate for you. At McFarlin LLP, we offer free consultations, and are happy to discuss all of youroptions. Call us today (888) 728 0044, or email us.
Chapter 7 Bankruptcy – Liquidation Bankruptcy
This is by far the most common filing. Individual consumers or small businesses turn to it when they become burdened with debt they simply are not able to pay. When the demands of creditors become unreasonable, Chapter 7 is frequently the best solution. Although it is referred to as “liquidation,” the truth is in nearly every case, nothing is liquidated and the consumer or small business retains all their possessions and assets while eliminating debts. More Information »
Chapter 9 – Municipality Bankruptcy
This filing is only available to municipalities. This form is designed to assist municipalities in restructuring their debts.
Chapter 11 – Reorganization Under the Bankruptcy Code
This filing is devoted to reorganization. Chapter 11 is available to every business, whether organized as a sole proprietorship or a corporation. It is available to individuals, but it is most prominently used by corporate entities. More Information »
Chapter 12 – Family Farmer or Family Fisherman Bankruptcy
The purpose of this filing is to provide debt reorganization to farmers and fishermen. A family farmer may either be an individual or a corporation or partnership.
Chapter 13 – Individual Debt Adjustment
This provides for a reorganization of your debts; as long as you have regular income. You are allowed to keep your property and pay your debts over three to five years. More Information »
Chapter 15 – Ancillary and Other Cross-Border Cases
Under Chapter 15, a representative of a corporate bankruptcy proceeding outside the U.S. can obtain access to the United States courts. This allows cooperation between the United States courts and the foreign courts, as well as other authorities of foreign countries involved in cross-border insolvency cases.
Not Sure What to File?
Don’t worry. We have a lot of experience helping individuals and businesses protect their assets. Let us assist you with your case. Come in for a free consultation, and we will give you our best legal advise. Contact us today (888) 728 0044, or email us.