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Bankruptcy

Bankruptcy

Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

CHAPTER 7

Chapter 7 bankruptcy is sometimes called “liquidation” bankruptcy. the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors…

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CHAPTER 11

A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time…

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CHAPTER 12

Chapter 12 is designed for “family farmers” or “family fishermen” with “regular annual income.”

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CHAPTER 13

In a Chapter 13 bankruptcy, you and your lawyer submit a repayment plan for the court’s approval laying out how you intend to repay your debts…

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