Bankruptcy is the process by which consumers and businesses can resolve debt, stop Foreclosure, repossession, and lawsuits. Filing bankruptcy may clear debt, stop creditor harassment, and provide additional time to repay bills. Bankruptcy is broken down into two main classifications: Personal Bankruptcy and Business Bankruptcy.
Personal Bankruptcy

Also known as Consumer Bankruptcy, this pertains to individuals. Individuals may choose to file bankruptcy to resolve a hopeless financial situation, or to delay debt-collection for a period of time to allow for financial reorganization. Personal Bankruptcy generally takes one of two forms:

Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

Corporations, Limited Liability companies and Partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 Bankruptcy or Chapter 11 Bankruptcy, while proprietorships cannot. The proprietor must file bankruptcy individually, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or Chapter 13 Bankruptcy.

Debtor Workout

Debtor workout is a term used to describe the process by which our law firm contests the validity of the debt you owe and ultimately works out some type of settlement with your creditor. A typical debtor workout agreement would include a substantial reduction in the amount of debt you owe the creditor and to set up an affordable payment plan to pay back the remainder of it. All payment plans are based on your income and no debtor workout plan would be approved unless you can afford to make the payment without it becoming a financial hardship. Please contact one of our counselors for a free, no obligation consultation about your questions concerning Bankruptcy, Foreclosure, or Debt Consolidation.

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