If it has become impossible to meet current financial obligations, bankruptcy can be an option for many businesses and individuals. It offers a chance to start over from a financial point of view, as most of debts are forgiven after bankruptcy has been filed. Our bankruptcy attorneys can evaluate at your situation, explain the difference between Chapter 7 and 13 Bankruptcy, and help you decide what will be best for you.
Chapter 7, or liquidation bankruptcy, means that some of your property may be sold in order to pay your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can keep most of your property and make payments over time.
Reorganization bankruptcies can be filed under the following guidelines:
Contact the Bohikian Law Group today to learn more about your options with our bankruptcy law attorneys under the current bankruptcy laws. We are here to help you understand the difference between Chapter 7 and 13 bankruptcy, and choose the best financial path for you.