Bankruptcy

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 Bankruptcy is a legal process that can help individuals and businesses eliminate or repay their debts under the protection of the federal bankruptcy court. If you are considering filing for bankruptcy, it’s important to understand the different types of bankruptcy and their implications.

Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” involves selling your non-exempt assets to pay off your debts. This type of bankruptcy is typically used by individuals with below average income and few assets besides their home and personal vehicles. 

Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” involves creating a repayment plan to pay off your debts over a period of three to five years. This type of bankruptcy is typically used by individuals with a higher-than-average income who want to keep their assets. 

If you are considering filing for bankruptcy, it’s important to consult with an experienced bankruptcy attorney who can help you understand your options and guide you through the process. A good bankruptcy attorney can help you protect your assets and achieve a fresh start.