Going at it alone "is strongly advised against," says Chami. "Even if bankruptcy is the right or necessary choice for a consumer given their circumstances, it is a serious option with long-lasting and significant legal, financial and tax consequences and requires a lot of documents, filings a...
Types of bankruptcy filings There are several types of bankruptcy filing options categorized within the U.S. Bankruptcy Code. The type of bankruptcy filing you can pursue depends on several factors, including your net worth, the kind of debt you hold, how you plan to reconcile your debt and ...
while unsecured debts may go unpaid as they may be forgiven or discharged in bankruptcy. For individuals with extremely high levels of tax & financial debt and own businesses, Chapter 11 bankruptcy may be required. Businesses can use any of these same three types of filings, but Chapter 11 is...
Chapter 7 is the most commontype of bankruptcy, comprising almost 70 percent of the 413,616 bankruptcy filings in calendar year 2021. It is also the quickest type of bankruptcy to get through and the simplest to file. Termed “liquidation bankruptcy,” a Chapter 7 bankruptcy does not include...
This "liquidation bankruptcy" is the most common filing for business failures, accounting for about 75 percent of all business bankruptcy filings. In these cases, the federal bankruptcy court hearing the case is provided with a full listing of all the debtor's assets and liabilities. The court ...
What’s the difference between chapter 7 and chapter 13 bankruptcy filings? Which “chapter” might be a better option for me? Are there any debts that bankruptcy won’t discharge? Can I lose my home if I file for bankruptcy? What are the pros and cons of filing for bankruptcy? The bot...
There are several types of bankruptcy filings. It's important to choose the best option for you and for your future financial situation. Consider the key differences between Chapter 7 and Chapter 11 bankruptcy. Chapter 7 Bankruptcy Chapter 11 Bankruptcy Known as "liquidation" or "straight" bankr...
Business bankruptcy is much more complex than personal bankruptcy. The repercussions of filing can be wildly different depending on how your business is organized and the type of bankruptcy you file. Read on to learn about the different types of bankruptcy filings and each business type’s potentia...
The Law Offices of Paul Y. Lee Our Riverside Bankruptcy Attorney & Orange County Bankruptcy Lawyer expert is experienced and dedicated to helping you eliminate your debt quickly and confidently. We have been 100% successful in all Chapter 7 bankruptcy filings We are Chapter 7 Bankruptcy Means Tes...
Bankruptcy filings in the United States are categorized by which chapter of the Bankruptcy Code applies. For example,Chapter 7involves the liquidation of assets,Chapter 11deals with company or individual reorganizations, andChapter 13arranges for debt repayment with lowered debt covenants or specific pa...