Overview of Your Bankruptcy Options
Overview of Your Bankruptcy Options
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The Chapter 7 Bankruptcy Process
A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.
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Chapter 13 Bankruptcy Laws: Your Disposable Income
In Chapter 13 bankruptcy, you must devote all of your disposable income to your Chapter 13 repayment plan.
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Is Bankruptcy a Good Option for Struggling Small Businesses
Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.
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Bankruptcy for Married Couples: Filing Options
If you are married and considering bankruptcy, you'll have to decide whether to file separately (that is, only one spouse files for bankruptcy and the other is not part of the case) or jointly (both spouses file together).
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What Is a Plan of Reorganization in Chapter 11 Bankruptcy?
Chapter 11 bankruptcy can be a good option for debtors who want to reorganize their debt in order to keep their assets. A key part of any Chapter 11 case is the debtor’s plan of reorganization. The plan of reorganization outlines how the debtor will pay back creditors over time.
Comparing Bankruptcy Options
Comparing Bankruptcy Options
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Chapter 11 Bankruptcy vs Chapter 13 Bankruptcy
Both Chapter 11 and Chapter 13 bankruptcy provide a way for people struggling with debt to keep their property by reorganizing their debt. Chapter 11 bankruptcy is generally more popular with businesses, but it can be a good choice for certain individuals, especially those with extremely large amounts of debt. For most individuals, however, Chapter 13 bankruptcy is often cheaper and easier.
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Voluntary and Involuntary Bankruptcy Petitions
A Chapter 7 bankruptcy proceeding can be initiated in two ways—by a voluntary or involuntary bankruptcy filing. An involuntary bankruptcy starts with a creditor or group of creditors filing a Chapter 7 bankruptcy case against an individual or corporation that owes them money. Learn about your options.
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Unsecured Debt: Priority vs. Non-Priority
Whether you file for Chapter 7 or Chapter 13 bankruptcy, it's important to determine which of your unsecured debts will be classified as priority debts and which will be assigned to the nonpriority category.
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Secured vs Unsecured Debt in Chapter 7 Bankruptcy
What happens to your debts in Chapter 7 bankruptcy depends on whether they are secured or unsecured.
